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Gold prices retreat again as equities turn higher
Bullion prices ended lower on Tuesday, 19 August 2014 at Comex. Gold prices retreated again as investors pushed the Nasdaq Composite to 14-year highs ahead of Fed Chairwoman Janet Yellen's speech at the end of the week.
Gold for December delivery fell $2.60 to settle at $1,296.70 an ounce.
September silver shed 20 cents to $19.41 an ounce.
Some upbeat U.S. housing data helped to stoke better investor risk appetite to fuel the stock market bulls. The other bearish factor was the U.S. dollar index rallying to an 11-month high. Losses were limited, however, as smoldering geopolitical hotspots are still somewhat supportive for safe-haven gold.
Traders and investors are awaiting this week's annual Kansas City Federal Reserve meeting in Jackson Hole, Wyoming, that begins on Thursday. The confab of world central bankers has in the past yielded important U.S. monetary policy speeches and clues to the direction of monetary policy. Fed Chair Janet Yellen and ECB President Mario Draghi are scheduled to speak in Jackson Hole on Friday. Before the Jackson Hole event comes the Federal Reserve's FOMC minutes on Wednesday afternoon, which as usual will be closely scrutinized.
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