Gold steadies ahead of Fed's Jackson Hole summit
Gold prices were little changed on Tuesday as investors awaited the Federal Reserve's annual conference this week for cues into possible rate cuts, and weighed Washington's efforts to end the war in Ukraine.
Spot gold held steady at $3,331.49 per ounce as of 0201 GMT. U.S. gold futures for December delivery fell 0.1% to $3,375.40.
Fed Chair Jerome Powell's remarks at the central bank's symposium on August 21-23 in Wymoing could offer clarity on the economic outlook and expectations of policy easing.
"Gold is still consolidating and is really waiting for a new catalyst to break higher. I think the big event to watch is Jackson Hole and whether the Fed brings the dovish guidance or not," said Kyle Rodda, Capital.com's financial market analyst.
Market participants currently see an 84% probability of a 25-basis-point rate cut at the Fed's next meeting, per the CME FedWatch tool.
Gold typically performs well in a low-interest-rate environment and amid heightened uncertainties.
Minutes from the Fed's July meeting, due for release on Wednesday, are expected to provide additional cues into its policy.
On Monday, U.S. President Donald Trumptold President Volodymyr Zelenskiy that Washington would help guarantee Ukraine's security in any potential deal to end Russia's war.
This assurance followed Trump's meeting with Russian President Vladimir Putin in Alaska, which ended without an agreement.
Trump described his meeting with Zelenskiy as "very good", and, in a social media post, said he had called the Russian leader and begun arranging a meeting between Putin and Zelenskiy.
"In the unlikely event some sort of deal gets struck (between Ukraine and Russia), that could be a very negative surprise for the gold price," Rodda said.
Elsewhere, spot silver fell 0.5% to $37.82 per ounce, platinum rose 0.1% to $1,323.76 and palladium lost 0.9% to $1,112.34.
Source: Reuters
