Questions about the extent of monetary easing programs in the U.S. pushed up gold futures on Thursday as central bankers began convening in Jackson Hole, Wyoming, for the annual symposium of the U.S. Federal Reserve, according to Reuters.
The centerpiece of the yearly retreat projects to be the speech delivered by Chairman Ben Bernanke, which is likely to indicate the likelihood of the central bank pushing toward another asset purchasing program.
"On gold we are very much into a wait-and-see approach. (There was) a bit of profit taking yesterday, but considering the move higher last week it is holding up very well, with investors reluctant to let go," analyst Ole Hansen with Saxo Bank told the news source on Thursday. "As long we can hold $1,630 support on any pull-back, the technical outlook looks pretty good."
At 9:22 a.m. on Thursday, gold futures climbed 0.11 percent, a $1.90 lift to $1,664.90 per troy ounce.
The Washington Post reports Bernanke faces restrictions as to how he can help the economy, with one significant limit being his Friday speech comes directly between the national political conventions that prepare for the general election in November.
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