Gold prices are edging lower Wednesday morning as the dollar is moving up, recovering from recent losses ahead of the upcoming Jackson Hole Symposium where the Fed policymakers are expected to spell out their plans about tapering the bank’s bond-buying program.
The dollar index, which settled at 92.89 on Tuesday, is currently at 93.03, gaining 0.15%.
Gold futures for December are down $14.10 or about 0.8% at $1,794.40 an ounce, after closing above the $1,800 mark on the previous two sessions.
Silver futures for September are declining $0.144 or 0.6% at $23.750 an ounce, while Copper futures are up $0.0230 or 0.5% at $4.2810 per pound.
On the economic front, data on U.S. durable goods orders for the month of July is due out at 8:30 AM ET. Durable goods orders has climbed up by 0.8% in June.