Gold rises 1 pct ahead of Jackson Hole speech

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Jan Harvey
Aug 26, 2011

Gold prices arrested this week’s slide on Friday to rise nearly 1 percent ahead of a speech from Federal Reserve chairman Ben Bernanke in Jackson Hole, Wyoming, later, which will be closely watched for hints on the outlook for Fed monetary policy.

The metal is still set for its first weekly loss in eight, however, as investors took profits after its surge to record highs at $1,911.46 on Tuesday. Volatility spiked, with prices sliding more than $200 from that level by Thursday.

They have since recovered, with spot gold up 1 percent at $1,786.86 an ounce at 0921 GMT.

“Volatility… is some 65 percent higher than the 2010 average,” said Ole Hansen, senior manager at Saxo Bank. “That tells us that despite the uptrend being firmly intact, we have to expect violent corrections as we move along.”

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2 Responses to “Gold rises 1 pct ahead of Jackson Hole speech”

  1. Is is too late to buy gold? Watch my video

    (click on my profile name to go to my blog to see my full video)

  2. Of coarse when the wise sage big Ben speaks everyone listens.

    He must hold a news conferance or two to remind everyone that gold is NOT money! damn it!

    Now buy what’s important, my worthless paper assests!!!

    You know, when trouble comes to your town you will wish you had my paper-assests so you can light that campfire to cook your squirels pigeons over!

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