FX.co ★ Gold Slips Ahead Of Powell's Speech

Gold prices dipped on Friday for the first time in four days, as investors awaited a speech by the Federal Reserve chair Jerome Powell at Jackson Hole Economic Symposium later in the day that is expected to offer clarity on the pace of future rate hikes.

Spot gold dipped half a percent to $1,750.85 per ounce, while U.S. gold futures were down half a percent at $1,762.75.

Powell is expected to adopt a hawkish stance on interest rates and indicate that the central bank is likely to continue with its aggressive rate hike plan to tame inflation.

U.S. Treasury yields rose and the dollar held onto recent gains against the euro and sterling after jobless claims declined in the latest week and a revision for Q2 GDP showed a smaller decline compared to an earlier reading.

The U.S. GDP has been confirmed at -0.6 percent in Q2, slightly better than the expected figure of -0.8 percent.

Looking ahead, U.S. personal income and spending data, wholesale inventories for July and University of Michigan's final consumer sentiment index for August will be featured in the New York session.

The Federal Reserve's preferred gauge of inflation, the PCE price index, is due at 8:30 am ET.

The core PCE price index is expected to ease to 4.7 percent year-on-year in July from 4.8 percent last month.

Powell is scheduled to speak about the economic outlook at the Jackson Hole Economic Policy Symposium in Wyoming at 10.00 am ET.