Gold declines ahead of Powell’s Jackson Hole speech

Gold bars

Gold futures slipped as investors awaited a key speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole economic symposium later today.

On Thursday, December gold futures eased 0.3% or $10.90 to $3,370.70 per ounce. Spot gold edged down 0.25% or $8.95 to $3,329.76 per ounce as of 8:34 am KSA time.

The US dollar index inched up 0.2% to 98.81.

Among other precious metals, September silver futures slipped 0.1% to $38.53 per ounce, while spot platinum fell 0.7% to $1,348.23. Spot palladium was steady at $1,115.08.

According to the CME FedWatch Tool, expectations for a 25 basis-point rate cut at the Fed’s September meeting fell to 73.3%, down from 85.4% a week earlier.