Gold Steadies As Yellen Makes No Mention Of US Economy, Monetary Policy In Prepared Text

New York (Aug 25)  Gold prices were trading moderately lower in late-morning action Friday but then rebounded to near unchanged just after the release of the prepared text of Fed Chair Janet Yellen's speech at the Jackson Hole central banker symposium. Her prepared remarks contained no mention of the health of the U.S. economy or on U.S. monetary policy. Gold's earlier selling pressure can be attributed to a rally in the U.S. stock market that is occurring Friday morning. However, the gold market bulls remain in firm near-term technical control and traders viewed the morning dip in prices as a buying opportunity. December gold was last up $0.20 at $1,292.50.

KitcoNews