MANTHANTIPS:- Gold trades in narrow range in Asia ahead of Yelllen views in Wyoming
Gold traded narrowly in Asia on Friday with the market treading water ahead of views from the U.S. Fed chief later in the day expected to set the tone. Gold for December delivery on the Comex division of the New York Mercantile Exchange swung between small gains and losses, last up 0.02% to $1,325.35 a troy ounce, whilesilver futures for September gained 0.06% to $18.517 a troy ounce. Copper futures for September on the Comex rose 0.10% to $2.078 a pound. Earlier, In Japan, national core CPI fell 0.5% year-on-year for July more than the 0.4% decline seen, while national CPI eased 0.4% as expected in data that is now calculated under a 2015 base year with updated weightings. The core figure was the the fifth straight drop after a 0.4% decline in June. Retailers are cautious about raising prices in broad sectors after last year’s price hikes amid uncertainty over global and domestic growth. Slow wage hikes are also clouding the prospects for the Bank of Japan’s achieving its stable 2% inflation target. Investors stayed cautious as the closely watched summit of central bankers in Jackson Hole, Wyoming, gets ready to kick off. The annual economic symposium is in the spotlight with Fed Chair Janet Yellen’s opening remarks on Friday at 10 a.m. EST. But while she speaks early in the conference, other central bankers will discuss and consider the future of monetary policy in the aftermath of the financial crisis and in a low interest rate era. Besides Yellen, three other central bank officials will be speaking at the conference. Bank of Mexico Governor Agustin Carstens, ECB Executive Board Member Benoit Coeure and Bank of Japan Governor Kauhiko Kuroda will participate in a panel discussion Saturday at 12:25 p.m. ET to close the conference.