By Anmol Choubey
(Reuters) – Gold hit a near three-week low on Wednesday as the dollar firmed, while investors awaited the Federal Reserve’s Jackson Hole symposium later this week for clues on the path for monetary policy.
Spot gold was up 0.1% at $3,318.07 per ounce, as of 0411 GMT, after reaching its lowest level since August 1.
U.S. gold futures for December delivery rose 0.1% to $3,360.70.
A stronger dollar and improving risk appetite from recent geopolitical developments are weighing on gold prices, with markets looking out for Fed Chair Jerome Powell’s speech in Jackson Hole, OANDA senior market analyst Kelvin Wong said.
The U.S. dollar index climbed to its highest level in more than a week, making gold less affordable for buyers using other currencies. [USD/]
Powell is due to speak at the Kansas City Federal Reserve’s Jackson Hole symposium on Friday and investors are watching for any clues on monetary policy trajectory.
Minutes of the Fed’s July meeting, due later in the day, are anticipated to offer further insights into the central bank’s policy stance.
Interest rate futures point to two rate cuts of 25 basis points each this year, with the first one expected in September.
Gold typically performs well in a low-interest-rate environment and amid heightened uncertainties.
Meanwhile, U.S. President Donald Trump ruled out deploying ground troops to Ukraine on Tuesday but suggested air support could be part of a deal to end Russia’s war in the region.
Ukrainian President Volodymyr Zelenskiy hailed the White House talks as a “major step forward” towards ending Europe’s deadliest conflict in 80 years and setting up a trilateral meeting with Russian President Vladimir Putin and Trump.
Elsewhere, spot silver fell 0.4% to $37.23 per ounce, platinum gained 0.3% to $1,310.06 and palladium was down 1% to $1,103.95.
(Reporting by Anmol Choubey in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)
