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Gold Prices Slip Below $1,400 Ahead of Speeches by Fed Officials

Investing.com - Gold prices slipped below the $1,400 level on Tuesday in Asia ahead of speeches by multiple U.S. Federal Reserve officials in the next couple of days.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange slipped 0.3% to $1,396.45 by 12:07 AM ET (04:07 GMT).

10 U.S. central bankers, including Fed chair Jerome Powell, are set to speak this week. The Fed’s June meeting minutes are also due on Wednesday.

Other Fed bankers lined up to speak this week are New York Fed President John Williams (NYSE:WMB), St Louis Fed president James Bullard, Fed Atlanta President Raphael Bostic, Fed Vice Chair for Supervision Randal Quarles, Richmond Fed President Thomas Barkin and Minneapolis Fed President Neel Kashkari.

Markets previously expected an interest rate cut in July, but recent data, including the non-farm payroll reports released last Friday, showed the U.S. economy may be too strong to justify an easing.

Meanwhile, David Roche, president and global strategist at London-based Independent Strategy said he expects gold prices to “reach $2,000 by the end of the year.”

“I actually believe financial markets are now poised to crumble like a sand pile,” he told CNBC in an interview.

“I think the trade conflict with the United States is a much far, wider-reaching, global conflict, which will undermine growth expectations in equity markets,” Roche said.

Given that outlook, the yellow metal is expected to benefit from more safe-haven demand.

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