Gold stabilises near $1,900 level ahead of Jackson Hole meet
Gold prices gained on Wednesday, as a slight pullback in U.S. dollar and Treasury yields helped bullion stabilise near a key $1,900 level ahead of a central bankers' gathering that would likely provide cues on interest rates outlook.
FUNDAMENTALS
* Spot gold was up 0.2% at $1,900.30 per ounce by 0123 GMT, while U.S.
gold futures rose 0.2% to $1,929.40.
* The dollar index was sitting below two-month highs, while a rally that took U.S. Treasury yields to nearly 16-year highs took a pause, giving some respite to gold that does not yield any interest.
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* The annual Jackson Hole Symposium in Wyoming later this week will be monitored for any hints on how high can interest rates go.
* The Federal Reserve must be open to the possibility that the economy will begin to reaccelerate rather than slow, with potential implications for the U.S. central bank's inflation fight, Richmond Fed President Thomas Barkin said on Tuesday.
* U.S.
existing home sales dropped to a six month-low in July, data showed on Tuesday.
* Japan's factory activity shrank for a third straight month in August, although the pace of decline slowed, a private sector survey showed on Wednesday.
* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5% on Tuesday. [GOL/ETF]
* Swiss gold exports fell 2% in July from June, as lower deliveries to China and India failed to compensate for a sharp growth in supplies to Turkey, Swiss customs data showed on Tuesday.
* In other metals, spot silver gained 0.5% to $23.50 per ounce and platinum added 0.4% to $922.53.
