WASHINGTON (dpa-AFX) - After trending lower over the past few sessions, the price of gold showed a strong move back to the upside during trading on Wednesday.
Gold for August delivery jumped $30 or 0.9 percent to $3,343.40 after falling $18.30 or 0.6 percent to $3,313.40 an ounce in the previous session.
The rebound by the price of gold came amid modest weakness in the value of the U.S. dollar, with the U.S. dollar index edging down by 0.1 percent.
Gold may also have benefitted from its appeal as a safe haven ahead of Federal Reserve Chair Jerome Powell's highly anticipated speech at the Jackson Hole Economic Symposium on Friday.
Powell's remarks could have a significant impact on the outlook for interest rates ahead of the Fed's next monetary policy meeting in September.
CME Group's FedWatch Tool is currently indicating an 82.9 percent chance the Fed will lower rates by a quarter point next month.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
