Investing.com - Gold prices held steady near the key $1,300-level on Wednesday, as market players braced for an annual gathering of central bankers, where the heads of the Federal Reserve and European Central Bank are set to deliver speeches on the outlook for monetary policy and interest rates.
Comex gold futures tacked on $1.20, or around 0.1%, to $1,292.22 a troy ounce by 2:45AM ET (0645GMT). The yellow metal rose to its highest level since November at $1,306.90 late last week.
Gold prices fell on Tuesday, as strength in the U.S. dollar pressured the precious metal.
An annual meeting of top central bankers and economists hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, is set to take place from Thursday to Saturday, with keynote speeches from Janet Yellen and Mario Draghi in the spotlight.
Their comments will be closely watched for fresh policy signals from the world’s two most powerful central banks.
Meanwhile, U.S. political developments kept investors on edge after President Donald Trump raised the specter of a government shutdown to fulfill a campaign pledge of building a wall at the U.S.-Mexican border.
At a rally with his supporters in Phoenix late Tuesday, Trump referred to his vow to build a wall at the border with Mexico and said, "If we have to close down the government, we are building that wall."
Elsewhere on the Comex, silver futures inched up 2.6 cents, or around 0.2%, to $17.00 a troy ounce.
Among other precious metals, platinum was little changed at $981.20, while palladium held steady at $932.78 an ounce.