Gold was unchanged early Friday, with investors awaiting directional clues from speeches due later in the day at a gathering of central bankers in the United States. Spot gold was unchanged at $1,286.48 an ounce by 0343 GMT, after dropping nearly 0.3 percent in the previous session. U.S. gold futures for December delivery were flat at $1,291.40 per ounce. Gold markets are basically in a holding pattern. They would be carefully scrutinising comments from the Federal Reserve and European Central Bank officials as to the their outlook for inflation, and resultant monetary policy stance. 

Fed Chair Janet Yellen and ECB President Mario Draghi are set to speak later in the day at the central bankers symposium in Jackson Hole, Wyoming. Although no new policy messages are expected from either, investors will be watching for clues on outlook for monetary policy and interest rates.

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