Gold held a decline, after markets pared wagers on steep US interest-rate cuts ahead of a speech by Federal Reserve Chair Jerome Powell that may provide fresh clues on the central bank’s monetary-policy path.
Focus is now on Powell’s address later Friday at the annual Jackson Hole symposium in Wyoming. Lower rates are generally positive for non-interest bearing bullion.
Gold has been trading in a relatively narrow range this week, after reaching a fresh all-time high on Tuesday. The precious metal is up more than 20% in 2024, with support from large central bank purchases, as well as haven demand due to ongoing conflicts in the Middle East and Ukraine. There’s also been healthy buying of physical bars in the over-the-counter market.
Spot gold was little changed at $2,486.38 an ounce as of 8:17 a.m. in Singapore, on track for a 0.8% weekly fall. The Bloomberg Dollar Spot Index edged lower after 0.4% gain on Thursday. Silver rose, while platinum and palladium were steady.
Source: Bloomberg
