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Gold holds steady on softer dollar, investors eye Powell's speech

Credit: REUTERS/KIM HONG-JI

Gold prices were mostly unchanged on Thursday after rising more than 1% in the previous session on a weaker U.S. dollar, as investors awaited a speech from Federal Reserve Chairman Jerome Powell due later in the day.

Aug 27 (Reuters) - Gold prices were mostly unchanged on Thursday after rising more than 1% in the previous session on a weaker U.S. dollar, as investors awaited a speech from Federal Reserve Chairman Jerome Powell due later in the day.

FUNDAMENTALS

* Spot gold was steady at $1,952.11 per ounce by 0037 GMT.

* U.S. gold futures rose 0.3% to $1,959.

* The dollar index fell 0.2% to a near one-week low against its rivals, making gold less expensive for holders of other currencies.

* Powell is set to speak at a virtual Jackson Hole symposium on Thursday, where he is expected to provide more insight on the U.S. central bank's strategy on inflation and monetary policy.

* Japan wants to avert another state of emergency and needs to consider more stimulus to revive the economy, the government's top spokesman said.

* Republicans in the U.S. Congress are working on a narrow coronavirus stimulus bill that could be circulated to rank-and-file lawmakers as soon as this week, CNBC reported on Wednesday.

* Gold tends to benefit from widespread stimulus measures from central banks because it is widely viewed as a hedge against inflation and currency debasement.

* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.3% to 1,252.09 tonnes on Wednesday. [GOL/ETF]

* Asian stocks will likely climb on Thursday after the S&P 500 and Nasdaq rallied to fresh records on upbeat corporate results. [MKTS/GLOB]

* The United States on Wednesday blacklisted 24 Chinese companies and targeted individuals it said were part of construction and military actions in the South China Sea.

* Silver dropped 0.8% to $27.30 per ounce, platinum rose 0.6% to $934.29, and palladium fell 0.6% to $2,184.69.

DATA/EVENTS (GMT) 1230 US

GDP 2nd Estimate

Q2 1230 US

Initial Jobless Claims Weekly (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich) ((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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