Gold remained near five-month lows, weighed down by increased bond yields, as investors awaited the Federal Reserve’s Jackson Hole symposium for signs on where interest rates could land.
Spot gold was essentially unchanged at $1,887.70 per ounce by 1001 GMT, while US gold futures GCcv1 rose 0.1% to $1,917.70.
Last week, gold fell to its lowest level since mid-March at $1,883.70 as positive economic data increased bets on higher-for-longer U.S. interest rates, cutting demand for the non-yielding metal.
Rising Treasury bond yields and home mortgage rates may decrease support at the US Federal Reserve for more rate hikes, which have already been fading due to sluggish inflation.
As central bankers from across the world gather in Jackson Hole for their annual conference, investors are now looking forward to Fed Chair Jerome Powell’s address on Friday.
Silver rose 0.6% to $22.85 per ounce, while platinum declined 0.5% to $905.41. Palladium XPD was down 1.3% at $1,239.91.
