Precious Metals Preview: Gold edges lower amid sustained dollar strength

COMEX gold continues to edge lower on Friday morning in Asia tracking consistent strength in dollar that is trading at a two and half week high. The dollar index is quoting at 98.54, ahead of Federal Reserve (Fed) Chair Jerome Powell?s speech later today at Jackson Hole for further clarity on Fed?s interest rate stance. Federal Reserve Bank of Chicago President Austan Goolsbee said late Thursday that September?s Fed meeting remains open for action. He said while some recent inflation readings have come in better than expected, he hopes one ?dangerous? data point is just a blip. However, Cleveland Fed President Beth Hammack noted that it?s important to maintain a modestly restrictive policy to lower inflation, adding that he does not see an imminent case for cutting rates based on current data. The yellow metal is currently quoting at $3376.701 an ounce, down 0.14% on the day.

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