Gold price show a moderate increase

Gold is moderately higher, as market attention shifted from the Fed officials statements about the benefits of a rate hike to the meeting between the leaders of the world's central banks, this friday at Jackson Hole.

"The gold market have taken into account comments by Fed officials, but the sale was not strong, it is a good response," - said Standard Bank analyst, Tom Kendall.

On Friday, market participants will focus on the speech by the Federal Reserve Chairman Janet Yellen at the annual meeting of leading bankers and economists, in the search for fresh signals on the timing of the next interest rate increase in the United States. Fed's annual symposium is sometimes used for important political statements.

On Monday, the precious metal fell to a two-week low of $ 1,335.40 as the US currency strengthened against the background of "hawkish" comments from several representatives of the central bank.

According to the federal funds futures the odds are 18% compared to only 12% at the beginning of last week for a hike in September and 50% in December.

The dollar fell 0.2 percent against a basket of major currencies.

"The environment for gold is still favorable, as the US dollar index was lower and lower," - said Kendall from Standart Bank.

Stocks of the world's largest gold exchange-traded fund SPDR Gold Trust rose by 0.25 percent to 958.37 tons.

The cost of the October futures on COMEX rose to $ 1,344.90 an ounce.