Gold Ticks Lower Ahead of Fed’s Jackson Hole Gathering
Gold prices fell to around $3,340 per ounce on Thursday as investors positioned themselves ahead of the three-day Federal Reserve Jackson Hole symposium that begins later today.
Market attention is firmly on Fed Chair Jerome Powell’s remarks for hints about the central bank's monetary policy stance. Currently, traders are pricing in an 82% chance of a rate cut in September. However, the latest Fed meeting minutes showed that policymakers remain concerned about both inflation and the labor market, with most voting members feeling it is too early to lower interest rates.
On the geopolitical front, Russia said on Wednesday that attempts to address security concerns related to Ukraine without Moscow’s involvement are a “road to nowhere”, sounding a warning to the West as it seeks guarantees for Kyiv’s future protection.
Source: Trading Economics