Gold Prices Slide Ahead Of Powell Speech

(RTTNews) - Gold prices dropped on Tuesday and the dollar also slipped as investors looked ahead to Thursday's speech from Federal Reserve chairman Jerome Powell at Jackson Hole for further cues on U.S. monetary policy.

Spot gold sank $7.70 or 0.40 percent to $1,920.90 per ounce.

Sound German economic data, positive news on the coronavirus front and signs of progress in U.S.-China trade negotiations also weighed on the metal's safe-haven appeal.

A favorable revision to second-quarter German GDP data and another increase in the Ifo Business Climate index helped ease investor concerns surrounding economic recovery.

U.S. biotechnology company Moderna, Inc. said it has concluded advanced exploratory talks to provide 80 million doses of its experimental coronavirus shot to the European Union.

The Office of the U.S. Trade Representative said in a statement that the U.S. and China are seeing progress and are committed to taking steps to ensure the success of their Phase 1 trade deal.