BENGALURU: Gold edged lower on Friday, heading for its worst week in over four months, as investors locked in profits from bullion’s recent strength as they awaited clarity on US interest rate cuts from the Federal Reserve chairman’s speech at Jackson Hole.

Fed Chair Jerome Powell’s speech at a gathering of central bankers in Jackson Hole later in the day (14:00 GMT) could shed more light on monetary policy after minutes of the Fed’s July meeting tempered hopes of sharp rate cuts.

Spot gold was down 0.3 per cent at $1,494.76 an ounce by 11:12 GMT, on track for a 1.3pc weekly decline, while US gold futures dipped by 0.3pc to $1,504.60.

Elsewhere, silver gained 0.3pc to $17.05 an ounce, while platinum eased 0.1pc to $856.28. Palladium fell 0.5pc to $1,479.03 an ounce, but the auto catalyst metal remained on track for a third straight weekly gain, up 2.2pc so far this week.

Published in Dawn, August 24th, 2019