The yellow metal is stable this morning, Tuesday, August 24, and with the beginning of European trading, above the psychological level of 1800 dollars per ounce at levels of 1803 dollars per ounce, down by about 0.08% after increases of more than 1.3% or 23 dollars, which gold recorded in the opening session of the week yesterday, Monday.

To trade at its highest level in two weeks, benefiting from the decline in the US dollar, which lost about 0.50%. The yellow metal directly benefits from any update of market expectations regarding the US Federal Reserve’s decision to start reducing its purchases of $120 billion in bonds per month.

Accordingly, the Jackson Hole conference, which will be held this week, will be one of the most important factors affecting gold’s movements this week, as fears have risen that a rise in Corona virus infection rates in its new strain, Delta, in the United States of America are a source of economic slowdown, and therefore may be a reason for the US Federal Reserve to retract its expectations for the timetable to start reducing the bank’s purchases of bonds.

Most members of the US Federal Reserve, until the last meeting, believe that it is time to start reducing the pace of buying, and expectations have risen that US Federal Reserve Chairman Jerome Powell will set the timing for the Jackson Hole conference in his speech on the sidelines of the conference on Friday, as he and central bank heads have long used the Jackson Hole conference to make changes in Monetary Policy But with the rise of new delta concerns, some Fed members are starting to wait and see as Dallas Fed Chairman Kaplan indicated at the end of last week that he might reconsider his call to reduce the pace of asset purchases if the spread of the Corona virus began to affect economic growth.

In terms of economic data, the manufacturing PMI declined to 61.2 in August, compared to 63.4 in July, below expectations that indicated a decline to 62.4, on the other hand, the services index recorded a decline to 55.2, the lowest level in eight months, compared to 59.9 in the July reading (expectations). at 59.1).

Silver is trading down by about 0.25% at levels of $23.60 per ounce, after rising more than 2% on Monday.

Palladium, after rising by about 6% during the opening session yesterday, is trading at a rise of about 0.53% this morning, Tuesday, at levels of 2.412 dollars, while platinum is trading at levels of 1.016 dollars, an increase of about 0.34%.