Gold steady as investors eye taper clues from Fed symposium

[BENGALURU] Gold prices were steady on Friday, as investors awaited Fed chief Jerome Powell's speech later in the day at the Jackson Hole symposium after some US central bank officials called for paring bond purchases.

Spot gold rose 0.1 per cent to US$1,793.68 per ounce by 1.04am GMT.

US gold futures rose 0.1 per cent to US$1,796.70.

The dollar held firm after bouncing off a one-week low in the previous session.

On Thursday, Federal Reserve's hawkish policymakers urged the central bank to begin paring bond purchases they feel have become ineffective, if not downright harmful.

St Louis Fed president James Bullard, along with Kansas City Fed president Esther George and Dallas Fed president Robert Kaplan, also downplayed the impact of the Delta variant in separate interviews, a day before chair Jerome Powell's remarks at the annual Jackson Hole Economic Policy Symposium.

China's net gold imports via Hong Kong fell nearly 29 per cent in July after a sharp rise in June, Hong Kong Census and Statistics Department data showed on Thursday.

Caution also set in the market following Islamic State's suicide bomb attack on Thursday at Kabul airport, that killed scores of civilians and at least 13 US troops.

Silver was flat at US$23.54 per ounce, while platinum rose 0.3 per cent to US$982.52. Palladium rose 0.2 per cent to US$2,396.69.

REUTERS