By Ishaan Arora
(Reuters) – Gold ticked up on Wednesday but hovered near three-week lows, as investors looked towards the Federal Reserve’s July meeting minutes and the Jackson Hole, Wyoming symposium of central bankers this week for cues on further rate cuts.
Spot gold was up 0.3% at $3,325.96 per ounce, as of 1009 GMT, after reaching its lowest level since August 1.
U.S. gold futures for December delivery rose 0.3% to $3,368.40.
The U.S. dollar index was steady after climbing to a more than one-week high earlier in the session, making gold more expensive for other currency holders. [USD/]
“Spot gold is likely to adhere to its sideways range until the Fed can resume its rate-cutting cycle, while the dollar’s month-to-date resilience is also making it harder for it to embark higher,” said Han Tan, chief market analyst at investment trading platform Nemo.Money.
Minutes of the Fed’s July meeting, due later in the day, were anticipated to offer further insights into the central bank’s economic outlook.
“Markets will be looking out for further clues about the dissenting voices from the last FOMC meeting. Gold could even see a slight lift prior to Jackson Hole, should the FOMC minutes show that the dissenting voices at the previous Fed policy meeting were louder than envisioned,” Nemo.Money’s Tan added.
The Fed chair Jerome Powell is due to speak at the Kansas City Federal Reserve’s Jackson Hole symposium on Friday.
Gold typically performs well in a low-interest-rate environment and in times of economic and geopolitical uncertainty.
On the geopolitical front, 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 said the White House talks were a “major step forward” towards ending the conflict and setting up a trilateral meeting with Russian President Vladimir Putin and Trump.
Elsewhere, spot silver fell 0.8% to $37.06 per ounce, platinum gained 0.8% to $1,316.96 and palladium was down 0.6% at $1,108.30.
(Reporting by Ishaan Arora in Bengaluru; Editing by Bernadette Baum and Barbara Lewis)
