Spot Gold rebounded from a 2-week low of $3,323.68 on Monday ahead of a meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskiy and European leaders to discuss a peace deal with Russia.
The summit between US President Donald Trump and Russia’s President Vladimir Putin did not produce a breakthrough on a ceasefire.
Yet, Russia’s President has agreed to allow the US and Europe to provide Ukraine with robust security guarantees as part of an eventual deal to put an end to the military conflict.
Investor focus will also be on the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, later this week for more insight into monetary policy.
Markets are now pricing in about a 95% chance of a 25 basis point rate cut in September and about 5% chance of an out-sized 50 bps cut.
The US Dollar Index was hovering above lows last seen on July 28th.
A weaker dollar makes dollar-priced Gold more appealing to international investors holding other currencies.
Spot Gold was last up 0.43% on the day to trade at $3,349.93 per troy ounce.
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