Gold Market Focus On Yellen Speech

  • Posted Friday, August 22, 2014 at 01:42 PM

Los Angeles CA, August 22 (Tangible Investments) - by James O’Dell - The price of Gold rebounded off two month lows in overnight trade after retreating $19.45 or 1.50 percent on Thursday to close at $1,276.55 an ounce, after the market viewed the minutes of the Fed's July policy meeting, released on Wednesday, as decidedly hawkish. The stronger dollar and weaker oil prices are also weighing heavily on the metals. The price of Silver inched down $0.02 or 0.10 percent to close at $19.47 an ounce, while the Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold, fell to 65.56.
 
Today, all eyes are on the annual Fed conference in Jackson Hole, Wyoming where Fed Chair Janet Yellen will deliver a speech on the health of the labor market at 10 a.m. Eastern. Yellen is expected to tout the latest indicators of labor market strength like the unemployment rate, but may also speak to the increase in Americans forced to take part time jobs despite their desire for full time employment.
 
Yellen’s speech, titled simply “Labor Markets,” will give the Fed Chief the opportunity to reiterate her concerns about slack in the labor market. European Central Bank (ECB) President Mario Draghi will speak later at the symposium, but is unlikely to unveil new policy, say analysts. “We expect him to use this opportunity to discuss the challenges that the euro area faces and how its policy framework differs from the US. September and October will be important months for the euro area, for one, the TLTRO facility will be launched," according to analysts at Brown Brothers Harriman.

Meanwhile, India's top Gold refiner, MMTC-PAMP India, predicted recently that the nation's current draconian import curbs may be permanent as the world’s second biggest Gold consumer looks to maintain a  declining current account deficit (CAD).

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Metal BID ASK CHG$ CHG%
Gold 1219.40 1220.10 $10.60 0.88%
Silver 17.31 17.35 $0.32 1.88%
Platinum 1293.00 1296.00 $10.00 0.77%
Palladium 785.30 788.30 $13.80 1.78%
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