Gold Slightly Weakens After Initial Gains, Focus on Jackson Hole
Gold prices (XAU/USD) briefly strengthened on Tuesday (August 19th), but weakened again in the American trading session as the US dollar strengthened. Previously, gold had recovered from overnight losses following a White House meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and several European leaders. Although the meeting demonstrated diplomatic coordination, the lack of a ceasefire agreement has kept geopolitical uncertainty high, thus maintaining demand for safe-haven assets.
At the time of writing, gold was trading around $3,335 per ounce, down from an intraday high of around $3,345. The strengthening US dollar limited gold's gains, although US Treasury yields eased slightly after three consecutive days of gains, providing some support for the precious metal.
Looking ahead, investors will focus on the Jackson Hole Symposium and the FOMC meeting minutes, which will be released next Wednesday. The market still expects an interest rate cut in September, and any dovish signal from the Fed could potentially boost gold demand.
Geopolitically, the Trump-Zelenskyy meeting has yet to produce any major breakthroughs. Both sides affirmed military and economic support for Ukraine, with discussions about a "coalition of supporting nations" to ensure long-term security. Trump also revealed that he had spoken with Russian President Vladimir Putin and opened the door to a future trilateral meeting between himself, Zelenskyy, and Putin. (ayu)
Source: Newsmaker.id
