Gold regains its balance as all eyes turn to the Central Banks meeting

Gold prices rose from five-month lows on Monday, after falling in the past five sessions, as investors’ focus turned to a meeting of central bankers in Jackson Hole, Wyoming, this week in anticipation of their outlook on the economy and interest rates.

Spot gold rose 0.3% to $1,892.88 an ounce by 0446 GMT, while US gold futures rose 0.3% to $1,921.70.

Gold fell to its lowest level since mid-March, recording $1,883.70 last week, after upbeat economic data raised bets on higher US interest rates for a longer period, which reduced demand for non-yielding commodities.

Investors will focus on US Federal Reserve Chairman Jerome Powell’s speech on Friday at the annual conference of global central bankers in Jackson Hole.

According to the majority of economists polled by Reuters, the US central bank has probably finished raising interest rates. A slight majority now expects the central bank to wait until at least the end of March before starting to cut rates.

As for other precious metals, spot contracts rose XAU / XAG 0.7 to $ 22.85 an ounce, and platinum rose 0.1 to $ 910.83. Palladium rose 0.2 to $1,258.49.