Gold prices extended losses into a third day Thursday as the dollar rose from one-week lows, supported by higher U.S. Treasury yields ahead of the U.S. Federal Reserve’s symposium in Jackson Hole, Wyoming, beginning later in global day.
Spot gold fell 0.2 percent to $1,787.24 per ounce, while U.S. gold futures edged down 0.1 percent to $1,788.60.
Benchmark 10-year Treasury yields hovered near a two-week high as traders await Jackson Hole symposium for more insights about the Fed’s plan to scale back bond purchase program.
Fed Chair Jerome Powell will deliver a speech on Friday, which will be parsed over whether the delta threat may forbid an imminent tightening of policy.
On the economic front, a survey showed that the outlook amongst consumers in Germany is deteriorating heading into September.
Gfk forward looking consumer confidence index dropped from -0.4 to -1.2, marking the worst reading in three months as accelerating inflation and rising COVID-19 cases made consumers more hesitant to buy.
U.S. GDP data for second quarter and weekly jobless claims for the week ended August 21 will be released in the New York session.