Technical analysis and trading recommendations-https://fxpcm.com/en/fx/xauusd-anticipation-economic-forum-jackson-hole-22-082016
December gold futures on the COMEX on Friday closed down 0.8% at 1346.20 dollars per troy ounce.
Vice Chairman Stanley Fischer on Sunday was also the Fed's optimistic about the short-term outlook, saying that "stone's throw" to the 2% inflation target and economic growth, according to his expectations, "accelerate" over the next few quarters.
Comments Fisher also led to increased expectations about the speech Fed Chairman Janet Yellen to be held at the Fed conference in Jackson Hole this week.
If D.Yellen gives a hint of the possibility of a rate hike in September, the dollar strengthened sharply on the currency market.
Statement number of Fed officials last week, which indicated that a high probability of raising interest rates in the US in the coming months, contribute to the strengthening of the dollar in the foreign exchange market and the weakening of prices for precious metals, including gold.
On Friday, the US dollar regained some of the previously lost positions after the two representatives of the Fed's leadership made statements that strengthened expectations of an increase in key interest rates this year.
On Tuesday, the president of the Federal Reserve Bank of Atlanta Dennis Lockhart said he did not rule out a rate hike in September. Also Tuesday, the president of the Federal Reserve-New York William Dudley said that the central bank is close to the point where he will have to raise rates. Statements by the President of the Federal Reserve Bank of San Francisco John Williams he made on Thursday that the central bank should start raising interest rates "sooner rather than later", supported the dollar on Friday.
Rising interest rates usually puts pressure on gold, because in this case the interest earning assets are becoming more popular. A stronger dollar also makes gold, whose prices are denominated in US currency less attractive for holders of other currencies as the cost of borrowing for its acquisition and storage grow