Gold prices end in green as focus shifts to Jackson Hole meeting

Gold prices rose at the close of the first session of the week today, Aug. 21, as the Jackson Hole Symposium, an annual meeting of central bank governors scheduled on Aug. 24, became a focal point of investors’ attention in the lookout for clues about the future of interest rates.

Bullion for December delivery increased by 0.35%, or $6.50, to finish at $1,923 an ounce.

Kitco's senior analyst Jim Wyckoff said, CNBC reported, “We are seeing some buying interest at these levels, but the buying interest is being limited because the charts remain bearish.”

“The recent rhetoric coming from Fed officials has kind of leaned hawkish. Treasury yields have been rising. That is bearish for the metals ... path of least resistance for prices is sideways to lower,” he continued.

According to the CME FedWatch Tool, the odds of a 25 basis-point interest-rate hike by the Federal Reserve at the forthcoming November meeting stand at 35.5%, up from 27.8% early last week.

Elsewhere, in a survey issued today by the Federal Reserve Bank of New York, respondents said the lowest wage they would accept to take a job jumped to a record $78,645, from $72,873 a year ago.

The US central bank is closely monitoring labor market data and wage indicators, due to their importance in monetary policy decisions.