Gold prices tumble moderately in cautious trade
On Thursday, gold prices edged down during early Asia trade in cautious trade as market participants are waiting for fresh views from the Fed Chair at the end of the week in order to set the tone on chances of a rate lift this year.
In New York, December delivery gold futures descended 0.06%, trading at $1,328.95 per troy ounce, while silver futures sagged 0.13%, being worth $18.532 per troy ounce. As for September delivery copper futures, they went down 0.05%, hitting $2.079 per pound.
Overnight, gold prices traded somewhat lower during North American trade Wednesday, staying in a familiar trading range as traders looked ahead to a highly anticipated speech from Fed Chair Janet Yellen at the end of this week.
Fed Chair Yellen might provide fresh signals on the timing of the upcoming US rate lift at her speech during an annual gathering of key bankers in Jackson Hole, Wyoming, on Friday. The annual Fed symposium has often been employed by Fed chairs just to make important policy statements.