Gold Futures Off Ahead Of Bernanke Speech

Gold futures were lower in electronic trade on Thursday, a day ahead of a much awaited speech from U.S. Federal Reserve Chairman Ben Bernanke that might shed some light on the prospect for further easing measures.

Gold for December delivery GCZ2 slipped $1.70, or 0.1%, to $1,661.20 an ounce during European trading hours.

On Wednesday, gold prices declined as the dollar gained ground and investors stayed in wait-and-see mode ahead of Bernanke’s speech in Jackson Hole, Wyo. on Friday.

Market participants will closely be looking for any signs of a fresh round of quantitative easing. Expectations of monetary stimulus traditionally lift gold prices because of the metal’s role as an alternative to devalued currencies.

Prices were mixed in the rest of the metals complex.

Silver for September delivery SIU2 fell 0.4% to $30.73 an ounce, while palladium for the same month PAU2 slipped 0.5% to $632 an ounce.

October platinum PLV2 added 0.5% to $1,527.20 an ounce and copper for September delivery HGU2 rose 0.6% to $3.46 a pound.

Marketwatch