Gold prices were little changed on Tuesday as investors awaited this week's Federal Reserve annual conference for clues on a possible interest rate cut and weighed Washington's efforts to end the war in Ukraine. Spot gold was steady at $3,331.49 per ounce at 02:01 GMT. US gold futures for December delivery fell 0.1% to $3,375.40. Fed Chairman Jerome Powell's remarks at the central bank's August 21-23 symposium in Wyoming could provide clarity on the economic outlook and expectations for policy easing. "Gold is still in a consolidation phase and really waiting for a new catalyst to break...
Silver prices are currently trading around $38,030 per ounce, relatively stable after experiencing selling pressure. Fundamentally, this precious metal remains supported by expectations of a Fed interest rate cut, which has boosted interest in non-yielding assets. However, market optimism regarding the possibility of a Russia-Ukraine peace deal is curbing demand for safe havens. Furthermore, the strengthening US dollar is a limiting factor for the silver price rally. Technically, silver is still moving in a consolidation phase after rejecting further gains. Nearest support is seen around...
Gold prices strengthened slightly on Tuesday (August 19), driven by a weaker dollar amid expectations of a US interest rate cut. Investors are now awaiting Fed Chairman Jerome Powell's remarks at the Jackson Hole symposium on August 21–23, which is expected to provide clarity on the direction of monetary policy. According to CME FedWatch, the market is pricing in an 83% chance of a 25 basis point rate cut at the Fed's September meeting. However, UBS analyst Giovanni Staunovo believes it is too early for the Fed to commit to its next move, given the number of data releases before the...