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24/08/2025 03:24 AST
Gold prices edged lower on Friday on a stronger dollar while investors awaited US Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path.
Spot gold fell 0.3 percent to $3,329.19 per ounce by 9:07 a.m. Saudi time. US gold futures for December delivery lost 0.3 percent to $3,372.10.
The US dollar index hovered near a two-week high, making gold less attractive to overseas buyers.
Fed officials appeared lukewarm on Thursday to the idea of a rate cut next month as investors geared up for Powell's speech, due at 5:00 p.m. Saudi time on Friday.
"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 said.
"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."
Futures markets indicate a 75 percent chance of a quarter-point rate reduction next month, according to CME's FedWatch tool.
Recent labor data showed US jobless claims rose last week by the most in nearly three months, while unemployment claims the previous week hit a near four-year high.
The challenge for Fed policymakers is that even though there are signs of labor market weakening, inflation remains above the central bank's 2 percent target and could go higher due to the Trump administration's aggressive tariff hikes.
Russian President Vladimir Putin is demanding that Ukraine give up all of the eastern Donbas region, renounce ambitions to join NATO, remain neutral and keep Western troops out of the country, three sources familiar with top-level Kremlin thinking told Reuters.
Elsewhere, spot silver was down 0.4 percent to $38.01 per ounce, platinum fell 0.6 percent to $1,345.06, and palladium rose 0.2 percent to $1,113.19.
Reuters
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Gold | 3,382.6 | 38.8 | 1.14 |
| Silver | 38.42 | 0.26 | 0.68 |
| Platinum | 1,334 | -4 | -0.3 |
| Palladium | 1,120.5 | -34.5 | -2.99 |
27/08/2025
Gold prices hit a more than two-week high on Tuesday after US President Donald Trump said he was removing Federal Reserve Governor Lisa Cook, a move seen by many as eroding the central bank's indepen
Asharq Al Awsat
26/08/2025
Gold ticked down on Monday as the dollar firmed, easing from a two-week high hit in the previous session after comments from US Federal Reserve Chair Jerome Powell bolstered bets on interest rate cut
Asharq Al Awsat
21/08/2025
Gold rose on Wednesday as the U.S. dollar eased, while market participants braced for the minutes of the U.S. central bank's last policy meeting and upcoming Jackson Hole symposium for clues on futur
Reuters
20/08/2025
The Dubai gold price could drop to under Dh370 a gram for 22K for the first time in 20 days, coming as partial relief for shoppers in the UAE. It was on July 31 that gold was at Dh368.25 and the day
Gulfnews
19/08/2025
Gold prices eked out gains on Monday, helped by lower US Treasury yields, while market players awaited US President Donald Trump's meeting with Ukrainian President Volodymyr Zelenskiy and European le
Asharq Al Awsat
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