Spot Gold extended losses on Friday due to a stronger US Dollar, while market players focused on Fed Chair Jerome Powell’s speech at the annual symposium in Jackson Hole, Wyoming, for cues on policy outlook.
Powell is to speak at 14:00 GMT today.
The US Dollar Index held near a fresh two-week high of 98.834. A firmer dollar makes dollar-priced Gold less appealing to international investors holding other currencies.
“With a Russia-Ukraine peace deal still a possibility, and the USD attracting some buyers, gold is facing headwinds,” KCM Trade chief market analyst Tim Waterer was quoted as saying by Reuters.
“But if Powell’s message is interpreted as being a dovish shift, the USD could be undone, and gold may be on the move higher again.”
The minutes from the Fed’s meeting in July showed that most policy makers remained more concerned about persistent inflation pressures than about labor market risks.
Markets are now pricing in about a 75% chance of a 25 basis point rate cut in September.
Spot Gold was last down 0.23% on the day to trade at $3,331.03 per troy ounce.
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