Forbes reported that the lack of market-moving news and quiet summertime trading are the reasons behind the modest movements in gold. Gold futures for December delivery were up $4.00 an ounce to $1,606.40; spot gold rose $5.00 an ounce to $1,604.50.
As quoted in the Forbes report:
Many market participants are also on the sidelines, or are tentative, as they wait to see if the U.S. Federal Reserve will act to implement another round of quantitative easing of U.S. monetary policy—nicknamed QE3. Any such action could occur at the Fed’s Jackson Hole, Wyoming annual gathering in late-August, or at the next meeting of the Fed’s Federal Open Market Committee in September.