Gold Sinks Most in Two Weeks as Traders Await Fed Rate Guidance
- Yellen is scheduled to address meeting in Jackson Hole Friday
- Probability of a rate hike in 2016 is 53%, up from 36% Aug. 1
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Gold futures headed for the biggest drop in two weeks and mining stocks tumbled as traders pulled back bets before a speech by Federal Reserve Chair Janet Yellen on Friday that may give clues into the timing of U.S. interest-rate increases.
The Fed chief will speak at the annual monetary-policy symposium in Jackson Hole, Wyoming. The next Fed policy decision will be announced Sept. 21. Gold fell for the third time in four sessions, and traded below its 50-day moving average price or the first time since June. Shares of mining companies fell, with Goldcorp Inc. and Barrick Gold Corp. among the biggest decliners.