Gold Declines With Profit-Taking and Investors Awaited Signs From The US Federal

Gold fell Thursday, August 27th, following a sharp increase in the previous session as investors adjusted their positions to focus on whether the US Federal Reserve chairman will hint at a change in monetary strategy.

By 06:22 GMT, spot gold fell 0.8% to 1938.32 dollars an ounce, after rising 1.3% on Wednesday. And US gold futures fell 0.3% to 1946.70 dollars an ounce.

Powell is expected to deliver a speech at the annual conference of central bankers at 13:10 GMT as investors look to indicators on inflation and monetary strategy.

The dollar index touched its lowest level in about a week, while caution prevailed in global stock markets due to fears of renewed tension between China and the United States, after Washington blacklisted 24 Chinese companies and reports about Beijing’s testing of missiles in the South China Sea.

As for the rest of the precious metals, silver fell 1.5% to $ 27.12 an ounce, palladium fell 1.1% to $ 2,172.93, and platinum fell 0.2% to $ 926.59 an ounce.