Gold steady as short-covering, Fed chair's remarks lend support
Updated : August 27, 2018 10:58 AM IST
Speaking at a research symposium at Jackson Hole, Wyoming on Friday, Fed Chair Jerome Powell made the case that gradual rate hikes were the best way to protect US economic recovery, keep job growth strong and inflation under control.
Higher activity in gold options amid geopolitical tensions and a record-long bull market for US equities suggest that investors are betting gold prices have found a floor, traders said.
Spot gold was up 0.1 percent at $1,206.34 per ounce by 0420 GMT. It had climbed 1.7 percent on Friday in its biggest one-day percentage gain since May 2017.