01-01-1970 12:00 AM | Source: Reuters
Gold bound for best week in six, spotlight on Jerome Powell's speech
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Gold prices steadied near two-week highs on Friday and was headed for their best week in six as U.S. Treasury yields backed off highs ahead of speeches by top central bankers including Fed Chair Jerome Powell that could guide on future interest rates.

FUNDAMENTALS

* Spot gold was down 0.1% at $1,915.89 per ounce by 0120 GMT, holding below its highest since Aug. 10 hit on Thursday. It has gained 1.4% for the week so far.

* U.S. gold futures fell 0.2% to $1,943.90.

* European Central Bank President Christine Lagarde and U.S. Federal Reserve's Powell are expected to speak later in the day at the annual economic symposium in Jackson Hole, Wyoming.

* Two Fed officials on Thursday tentatively welcomed a jump in bond market yields as something that could complement the central bank's work to slow the economy and get inflation back to the 2% target, while also noting they see a good chance that no more interest rate increases will be needed. [US/]

* The number of Americans filing new claims for unemployment benefits fell for a second straight week.

* Core inflation in Japan's capital slowed in August for the second straight month but remained well above the central bank's 2% target, data showed on Friday.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.10% on Thursday. [GOL/ETF]

* China's gold imports via Hong Kong fell for the third straight month in July to their lowest in six months as stalling economic recovery in the country kept demand subdued.

* In other metals, spot silver edged 0.1% higher to $24.16 per ounce and platinum gained 0.5% to $938.38. Palladium was up 0.1% at $1,240.84.

* Silver and platinum were headed for their best weeks since July 14. Palladium was set for a second straight weekly decline.

DATA/EVENTS (GMT)

1400 US U Mich Sentiment Final Aug