Gold is back at $1,800 per ounce

Gold prices on Aug. 27 morning returned to the level of $1,800 per ounce against the background of the situation in Afghanistan, according to trading data, Report informs referring to Prime agency.

As of 8:53 (GMT+4), the price of December gold futures on the Comex New York Stock Exchange increased by 0.38 percent, or by $6.85, to $1,802.05 per troy ounce. September silver futures rose 0.35 percent to $23.633 an ounce.

Gold prices were supported on safe-haven flows that came after a couple of Kabul explosions led to the loss of 60 Afghans and 4 US troops, according to the MarketPulse. Gold is clearly locked into wait-and-see mode over Fed Chair Powell’s Jackson Hole speech which will provide hints on how and when they will pull back monetary stimulus.

Gold has been falling as investors start to price in hawkish tones from Fed Chair Powell. Traders will pay close attention to his comments over inflation, and if he is becoming more concerned over the amount of inflation, that could help take Treasury yields much higher, denting the demand for bullion.