Gold Steadies Ahead of Jackson Hole as Markets Eye Fed Policy and Ukraine Developments
Gold prices held steady on Tuesday as investors awaited the outcome of the U.S. Federal Reserve’s annual symposium in Jackson Hole, scheduled for August 21–23. Markets are looking to Fed Chair Jerome Powell’s remarks for clearer guidance on the economic outlook and the potential path toward interest rate cuts.
By 02:01 GMT, spot gold was unchanged at $3,331.49 per ounce, while U.S. gold futures for December delivery edged 0.1% lower to $3,375.40. According to CME’s FedWatch tool, market participants currently assign an 84% probability of a 25-basis-point rate cut at the Fed’s upcoming meeting.
Gold typically benefits from a lower interest rate environment and rising geopolitical uncertainty, reinforcing its role as a safe-haven asset.
On the geopolitical front, Washington reaffirmed its readiness to support Ukraine’s security in any potential peace deal to end the conflict with Russia. This came after U.S. President Donald Trump met with Russian President Vladimir Putin in Alaska, followed by direct talks with Ukrainian President Volodymyr Zelensky to arrange a possible meeting between the two sides.
In other precious metals, silver slipped 0.5% to $37.82 per ounce, platinum inched up 0.1% to $1,323.76, while palladium fell 0.9% to $1,112.34.
