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- Gold fluctuates near open level
Gold fluctuates near open level
Gold is currently at $1,133.40 (-0.05%) fluctuating near its open level as a data-rich week begins. Investors are waiting for more clues on future of interest rates in the U.S. Probability of a rate hike at a September 16-17 meeting is still in place after strong U.S. economic data, which were published at the end of last week. However Fed Vice Chairman Stanley Fischer increased uncertainty saying at the Jackson Hole symposium over the weekend that it was too early to tell whether September is suitable for an increase in rates.
Meanwhile St. Louis Federal Reserve Bank President James Bullard told Bloomberg on Friday that strong U.S. data are more important than volatility triggered by Asian markets. "The key question for the committee - and no decisions have been made here - but the key question for the committee is how much would you want to change the outlook based on the volatility that we've seen over the last 10 days? I think the answer to that is going to be not very much," he said.
Investors will also pay much attention to the U.S. August nonfarm payrolls due on Friday.
Turmoil in Asian equity markets supports demand for bullion; however investors are mostly focused on Fed rates.
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