Gold advances as dollar slips, with Jackson Hole meeting on the radar By Reuters

By Arundhati Sarkar

(Reuters) – Stock prices rose for a third consecutive session on Thursday, supported by a weak dollar, as investors awaited the Jackson Hole economic symposium for clues on inflation and the path of interest rates in the United States.

By 1103 GMT, spot gold rose 0.7% to $1,762.59 an ounce, the highest since August 18. US gold futures rose 0.8% to $1,775.80.

* The economic seminar begins on Thursday and of particular interest is the speech that Federal Reserve Chairman Jerome Powell will give on Friday. Investors are interested to see if it will send a clear message that could act as a new catalyst for bullion.

The slight decline in the dollar and higher US real yields appear to be factors behind gold’s timid rally, which is not supported by safe haven buying, though, said Karsten Minke, an analyst at the bank. Julius Baer (six:).

It fell 0.3%, making gold less expensive for foreign buyers.

“Central bankers will offer their views on how to deal with high inflation and a cyclical slowdown economy by raising interest rates early,” Minke said, adding that a significant price reaction is unlikely.

* An increase in prices increases the opportunity cost of holding bullion that does not earn interest.

* In other precious metals, the spot price rose 0.7% to $19.29 an ounce. It rose 0.3% to $878.91. It improved 1.2% to $2,058.33.

(Edited in Spanish by Carlos Serrano)