WASHINGTON (dpa-AFX) - Gold prices traded lower on Wednesday, after having surged to a new record high at around $2,531.00 per troy ounce the previous day on expectations of a Fed rate cut in September.
Spot gold dipped 0.3 percent to $2,507.02 per ounce while U.S. gold futures were down 0.2 percent at $2,544.90.
The U.S. dollar inched higher in early European trade but held close to seven-month lows ahead of the release of the Federal Reserve's July meeting minutes and preliminary revisions to U.S. labor data later in the day. Treasuries held steady after falling on Tuesday.
Investors also braced for remarks by Fed Chair Jerome Powell and other Fed officials at the Jackson Hole Economic Symposium later in the week.
Experts anticipate Powell will hint at a 25-bps rate cut in September, but caution that decisions will remain data-dependent.
According to CME Group's FedWatch Tool, there is a 73.5 percent of a quarter point rate cut next month and a 26.5 percent chance of a half point rate cut.
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