Following comments from key central bankers at an economic policy meeting in the United States boosted the sentiment yellow metals. Spot gold rose 0.5 percent to $1,297.60 an ounce, after reaching its highest since Aug. 18 at $1,298.58 earlier. At the meeting in Jackson Hole on Friday, Yellen made no Reference to U.S. monetary policy but instead focused on financial regulations, leading traders to expect a slowing in further interest rate hikes. Later in the day, European Central Bank Chief Mario Draghi said the bank's ultra-loose monetary policy was working and that the euro zone's economic recovery has taken hold, but refrained from commenting on the single currency's recent strength. Yellen and Draghi remained ambiguous over monetary policy strategies, thus giving market players the reason to lift gold prices on monetary policy uncertainty.
Source: Reuters
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