Gold Futures Prices Higher As Dollar Dips Ahead Of Yellen Speech

Gold Futures Prices Higher As Dollar Dips Ahead Of Yellen Speech

Prices of US gold futures marked early higher on Friday hitting to four minimum weeks as the dollar slumped after a slight downward revision to US second growth quarter, but investors remained cautious ahead of an opening speech by the President Federal Reserve Janet Yellen end of the day for clues on interest rate policy.

U.S. gold futures for December delivery were up 0.79% at $1,335.3 an ounce.

Spot gold edged higher 0.1 percent at $1,323 an ounce\. The metal touched a more than 4-week low of $1,317.46 on Thursday.

The Department of Commerce said US economic growth by the second quarter was revised slightly to a yearly rate of 1.1% from a previous estimate of 1.2%.

The dollar stayed a defensive as traders waited to see if the speech Fed chairman at the central bank symposium in Jackson Hole Friday afternoon provide any fresh indication of the future trajectory of interest rates in the United States .

Yellen could repeat the hardline view of the US economy expressed by Fed policy makers in the last weeks or echo of the minutes of the July meeting of the Fed, which pointed out that officers are divided over when to raise rates.

Recent comments optimists Fed officials were seen as boosting the outlook for a rate hike this year.

The dollar stayed on tenterhooks on Friday. The greenback index, which measures the US currency against a basket of six major counterparts, fell 0.2 percent to 94.622.

Rising the interest rates enhance the US opportunity cost of maintaining bullion non-retention and increase the dollar, which has a high price.

Holdings of SPDR Gold in the world, fell 0.19 percent to 956.59 tonnes on Thursday.

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