Gold prices edged higher on Tuesday (August 19th), boosted by a weaker dollar amid prospects for a US interest rate cut, while investors awaited the Fed Chair's speech in Jackson Hole later this week.
Spot gold rose 0.2% to $3,336.88 per ounce at 08:14 GMT. US gold futures for December delivery rose 0.1% to $3,381.20. The dollar index fell 0.1% against a basket of major currencies, making gold cheaper for holders of other currencies.
"Gold has been in a tight range for the past few weeks, pulled in various directions amid the ebb and flow of trade tensions, efforts to secure a Russia-Ukraine peace deal, and weak US employment data, but we believe the risks are to push it higher in the medium term," said UBS commodities analyst Giovanni Staunovo.
On Monday, US President Donald Trump promised Ukrainian President Volodymyr Zelenskiy that the US would help ensure Ukraine's security in any deal to end the war with Russia, although the extent of the assistance remains unclear.
Trump hosted Zelenskiy and a group of European allies days after his meeting with Putin in Alaska, which ended without a deal.
Meanwhile, market attention is focused on Fed Chairman Jerome Powell's remarks at the Jackson Hole symposium held on August 21-23, which could shed light on the central bank's economic outlook. Investors are pricing in an 83% probability of a 25 basis point rate cut at the Fed's September meeting, according to the CME FedWatch tool. "With few data points between now and the next FOMC meeting, there may be no commitment (from the Fed) on the next move," said Staunovo of UBS.
The minutes of the Fed's July meeting, due to be released on Wednesday, are also expected to provide clues about the US economic outlook. Elsewhere, spot silver fell 0.1% to $37.97 an ounce, platinum rose 0.6% to $1,330.80, and palladium fell 0.6% to $1,115.37.(alg)
Source: Reuters
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" ...
Gold prices hit another record high, while silver held near its all-time high. This rise was driven by two major factors: the escalating Greenland crisis and turmoil in the Japanese government debt ma...
Gold prices remained near all-time highs on Tuesday, hovering around $4,670 per ounce. Demand for safe haven assets remained strong as US-European trade tensions escalated, prompting investors to refr...
Gold and silver hit new records after US President Donald Trump threatened to impose tariffs on eight European countries that oppose his Greenland plan. This situation immediately pushed investors int...
Gold price rises on Friday, poised to end with weekly gains of nearly 4% as an employment report in the US was mixed, with the economy adding fewer jobs than projected. Still, the Unemployment Rate ti...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...