Gold rate prediction: Gold price nears three-week lows. What to expect this week?
ticked up on Wednesday but hovered near three-week lows, as investors looked towards the minutes of the Federal Reserve's July meeting and the Jackson Hole symposium of central bankers this week for cues on further rate cuts. Spot gold was up 0.4 per cent at $3,329.89 per ounce, after reaching its lowest level since August 1. U.S. gold futures for December delivery rose 0.4 per cent to $3,372.80.
The U.S. dollar index was steady after climbing to a more than one-week high earlier in the session, making gold more expensive for holders of other currencies.
Gold Price Prediction
Spot gold is likely to adhere to its sideways range until the Fed can resume its rate-cutting cycle, while the dollar's month-to-date resilience is also making it harder for it to embark higher, said Han Tan, chief market analyst at investment trading platform Nemo.Money.
Minutes of the Fed's July meeting, due later in the day, were anticipated to offer further insights into the central bank's economic outlook.
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"Markets will be looking out for further clues about the dissenting voices from the last FOMC meeting. Gold could even see a slight lift prior to Jackson Hole, should the FOMC minutes show that the dissenting voices at the previous Fed policy meeting were louder than envisioned," Tan said.
Fed chair Jerome Powell is due to speak at the central bank's annual research conference in Jackson Hole, Wyoming, on Friday. Gold typically performs well when interest rates are low and during times of economic and geopolitical uncertainty.
On the international front, U.S. President Donald Trump ruled out deploying ground troops to Ukraine on Tuesday but suggested air support could be part of a deal to end Russia's war in the region.
Ukrainian President Volodymyr Zelenskiy said the White House talks were a "major step forward" towards ending the conflict and setting up a trilateral meeting with Russian President Vladimir Putin and Trump.
Elsewhere, spot silver fell 0.6 per cent to $37.13 per ounce, platinum gained 1.1 per cent to $1,319.81 and palladium was down 0.4 per cent at $1,111.17.
FAQs
Q1. What are current gold prices?
A1. Spot gold was up 0.4 per cent at $3,329.89 per ounce, after reaching its lowest level since August 1. U.S. gold futures for December delivery rose 0.4 per cent to $3,372.80.
Q2. What are current silver prices?
A2. Spot silver fell 0.6 per cent to $37.13 per ounce, platinum gained 1.1 per cent to $1,319.81 and palladium was down 0.4 per cent at $1,111.17.
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