Gold Trading Declines With Return Of Risk Appetite, Jackson Hole In The Spotlight By Investing.com

Investing.com – The price of gold fell on Monday, as risk appetite returned to the markets, reducing demand for the precious metal shelter, while investors were gearing up for the start the annual gathering of central bankers and policymakers in Jackson Hole, Wyo.

for delivery in December on the Comex division of the New York Mercantile Exchange, down $ 11.35, or 0.7%, to 1,512.25 troy ounces at 10:23 am ET (14:23 GMT).

Global equity and sovereign debt yields were up, exerting pressure on unproductive bullion.

"The combination of a stronger US dollar and slightly higher US yields currently weighs on gold," said John Reade, chief markets strategist at the World Gold Council.

Analysts also said traders were cautious before the start of Thursday at Jackson Hole.

The chairman of the Federal Reserve is scheduled to speak at the event on Friday, while he should confirm a rate cut in September.

"Given the political uncertainties that may not be apparent later in the week after the Jackson Hole Symposium, gold could consolidate with a downward bias before eventually regaining momentum," said Stephen Innes. , Managing Partner of VM Markets, in a.

Warren Patterson and Wenyu Yao, commodities strategists at ING, said the latest data from the Commodities Futures Trading Commission already showed some profit taking, with a reduction in long positions but only a relatively small rise in short positions.

"The underlying fundamentals remain unchanged and until trade and currency uncertainties dissipate, fund managers can continue to hold their long positions in gold," they said in a note. .

Barani Krishnan, Senior Commodity Analyst at Investing.com, noted the slowdown in the recent gold rally and said investors were waiting, potentially for the Jackson Hole event, before embarking on any new long positions.

In other metals trading, we lost 0.9%, to $ 16.962 troy ounces, at 10:24 am ET (14:24 GMT).

jumped 2.2% to $ 1,472.40 an ounce, while the metal-sister gained 0.8% to $ 858.30.

Base metal, up 0.4% to $ 2.604 per pound