[BENGALURU] Gold prices were steady on Thursday (Aug 21) as investors awaited cues into the US Federal Reserve’s policy outlook ahead of the Jackson Hole symposium in Wyoming, which begins later in the day.
Spot gold eased 0.1 per cent to US$3,343.09 per ounce as at 8.32 am. US gold futures for December delivery also lost 0.1 per cent to US$3,386.10.
Last month, two Federal Reserve officials – Fed vice-chair for supervision Michelle Bowman and governor Christopher Waller – voted for a quarter-point rate cut to address job market weakness, but their stance lacked broader support, minutes of the Fed’s meeting showed.
Days after the meeting, a Labor Department data showed fewer jobs were created in July, higher unemployment rate and labour force participation at its lowest since late 2022, aligning with Bowman and Waller’s concerns.
The Fed has held rates steady since December, with CME’s FedWatch tool projecting an 85 per cent chance of a September rate cut.
Fed chair Jerome Powell will likely deliver the keynote speech at Jackson Hole on Friday, with investors watching to note if he backs measures to bolster the labour market or retains focus on inflation risks.
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The conference is being held between Aug 21 and 23.
Meanwhile, US President Donald Trump called on Fed governor Lisa Cook to resign over alleged issues related to her mortgages in Michigan and Georgia, escalating his efforts to influence the central bank.
On the geopolitical front, Russia said attempts to resolve security issues relating to Ukraine without Moscow’s participation were a “road to nowhere”, sounding a warning to the West as it scrambles to work out guarantees for Kyiv’s future protection.
Elsewhere, spot silver held steady at US$37.88 per ounce, platinum fell 0.3 per cent to US$1,335.14 and palladium shed 0.5 per cent to US$1,108.73. REUTERS
