Gold steady

By our correspondents
August 25, 2016

Bengaluru

Gold traded in a narrow range on Wednesday as investors waited for clues on whether the U.S. Federal Reserve would hike interest rates this year.

At the end of the week, Fed Chair Janet Yellen is scheduled to address a gathering of global central bankers in Jackson Hole, Wyoming.

Recent hawkish comments from some policymakers have raised investors' expectations that Yellen might also take a less cautious tone.

"Markets are going to be quiet until Friday as everyone is waiting for some clues from Janet Yellen's speech," said Kent Li, deputy incharge for bullion desk, Wing Fung Precious Metals.

Spot gold was nearly flat at $1,336.88 an ounce at 0651 GMT. U.S. gold slipped 0.4 percent to $1,340.70 an ounce.

Spot gold may revisit its Aug. 22 low of $1,331.35 within the next 24 hours, according to Reuters technical analyst Wang Tao.