Gold Extends Losses
Gold extended its recent losses to around $3,330 per ounce on Friday, holding within a tight range as traders avoided major moves ahead of Fed Chair Powell’s remarks at Jackson Hole, which may offer signals on the US policy outlook.
On Thursday, Fed officials gave little indication of support for a rate cut next month, leaving markets focused on Powell’s speech for guidance amid signs of a cooling labor market, while inflation remains above target and vulnerable to tariff-related pressures.
Investors still see the possibility of policy easing in September, with markets pricing in a 75% chance of a quarter-point cut.
On the geopolitical front, hopes for a potential Russia-Ukraine peace deal dimmed, as reports said Russia launched its largest drone and missile attack on Ukraine in more than a month, and Moscow accused Kyiv of rejecting the prospect of a “lasting and fair settlement.” For the week, gold is poised to end little changed.
Source: Trading Economics
