Gold dips as dollar holds firm; Powell speech awaited

Credit: REUTERS/HEINZ-PETER BADER

Aug 24 (Reuters) - Gold slipped on Monday as the dollar steadied near a more than one-week high, while investors awaited Federal Reserve Chairman Jerome Powell's speech at Jackson Hole later this week for clarity on the direction of U.S. monetary policy.

FUNDAMENTALS

* Spot gold was down 0.3% to $1,933.37 per ounce by 0046 GMT after hitting a one-week low of $1,910.99 on Friday.

* U.S. gold futures fell 0.4% to $1,910.10.

* The dollar index held steady against a basket of major currencies after climbing to a more than one-week high in the previous session. [USD/]

* Powell will discuss monetary policy on Thursday at the opening day of the Kansas City Fed's annual symposium.

* Top Democrats and Republicans blamed each other for stalled talks on coronavirus aid legislation on Sunday, a day after the House of Representatives approved $25 billion in new funds for the U.S. Postal Service.

* More than 23.31 million people have been reported to be infected by the novel coronavirus globally and 805,075​ have died, according to a Reuters tally.

* The U.S. Food & Drug Administration on Sunday said it authorised the use of blood plasma from patients who have recovered from COVID-19 as a treatment for the disease.

* Asian shares eased on Monday as investors treaded cautiously on heady valuations. [MKTS/GLOB]

* Speculators raised their bullish positions in COMEX gold and silver contracts in the week to Aug. 18, the U.S. Commodity Futures Trading Commission said on Friday. [CFTC/]

* Physical gold dealers in India last week offered the highest discounts in more than a month and a half, as buyers stayed away even as more bullion flowed in from the United Arab Emirates. [GOL/AS]

* Silver dropped 0.6% to $26.54 per ounce, platinum slipped 0.5% to $913.78, and palladium fell 0.4% to $2,173.32.

(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu) ((Brijesh.Patel1@thomsonreuters.com; Within U.S. +1 651 848 5832, Outside U.S. +91 8067493865; Reuters Messaging: Brijesh.Patel1.thomsonreuters.com@reuters.net)) Keywords: GLOBAL PRECIOUS/

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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