Spot Gold hovered just above a 3-week low of $3,311.56 on Wednesday, as market players focused on the Federal Reserve’s annual symposium in Jackson Hole, Wyoming, later this week, where policy makers will discuss labor market trends and monetary policy outlook.
The minutes of the Federal Reserve’s July meeting will also be on investors’ radar.
The Fed kept its federal funds rate target range without change at 4.25%-4.50% at its July meeting. But, two governors dissented in favor of a rate cut, which has been the first such dual dissent since 1993.
Markets are now pricing in two rate cuts of 25 basis points each by the end of the year, with the first one likely in September.
Meanwhile, a firmer US Dollar and the latest geopolitical developments were weighing on Gold.
Ukrainian President Volodymyr Zelenskiy said the White House summit was a “major step forward” towards ending the conflict in Ukraine and setting up a trilateral meeting with the US and Russia.
The US Dollar Index was last up 0.10% to 98.330.
A firmer dollar makes dollar-priced Gold less appealing to international investors holding other currencies.
Spot Gold was last up 0.23% on the day to trade at $3,323.17 per troy ounce.
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