Gold Prices Rejected at 8-Month High, Jackson Hole in Focus

Gold prices briefly touched an eight-month high but swiftly retreated as markets cheered the removal of controversial Trump advisor Steve Bannon. The move followed the administration’s broadly panned response to recent events in Charlottesville, Virginia. Bond yields rose alongside share prices, undermining the appeal of non-interest-bearing assets including the yellow metal.

Crude oil prices surged as the markets’ attention to signs of strength in spreads between spot prices for various grades of product and futures-market benchmarks such as WTI and Brent. These suggested that the physical market might be signaling a more favorable demand picture, even looking beyond the seasonal pickup typically associated with the summer months.