Investing.com - Gold prices were little changed on Friday in Asia as stock markets recovered, although trade concerns remained.
Gold Futures for December delivery, traded on the Comex division of the New York Mercantile Exchange, were near flat at $1,531.55 by 1:21 AM ET (05:21 GMT).
Stock markets recovered today, but Sino-U.S. trade concerns remained after China’s threat to take countermeasures against new U.S. tariffs. Ongoing Hong Kong protests are also expected to further complicate the relationship between the U.S. and China as Beijing asked U.S. President Donald Trump to refrain from commenting on the Hong Kong problems.
Looking ahead, investors are waiting for more central-bank easing, particularly from the U.S. Federal Reserve, before committing to deeper positions in the yellow metal.
Fed Chairman Jerome Powell will speaks on Aug. 23 at the annual central bankers retreat in Jackson Hole, Wyoming. The topic of his remarks is Challenges for Monetary Policy, according to the Fed’s public schedule updated on Thursday.
"The overall uncertainty from the trade dispute is high and we also expect some central-bank action for recession-fighting to come over the next weeks and months," said Norbert Ruecker, head of economics and next-generation research at Julius Baer.
"This should support the gold price at current levels."