WASHINGTON (dpa-AFX) - Gold prices fell incrementally on Thursday amid a strong US Dollar and with traders avoiding big moves as they shifted focus to the Jackson Hole symposium where Federal Reserve Chair Jerome Powell is expected to provide clues to the outlook for monetary policy.
Front Month Comex Gold for August delivery edged down by $6.50 (or 0.19%) to $3,336.90 per troy ounce today.
Front Month Comex Silver for August delivery gained by 32.20 cents (or 0.85%) to $38.027 per troy ounce today.
The much-awaited three-day symposium of the world's central bankers, leading economists and financial experts held every August in the mountains of Jackson Hole, Wyoming, began today and will conclude on August 23.
With the US economy at a crossroads and global markets shaken by new US tariffs, Powell's keynote address on Friday will be dissected by investors globally.
With US core inflation hovering around 3% and unemployment ranging around 4%, clues on what the Fed decides with interest rates is attracting investors' attention as it impacts the dollar as well as commodity markets.
Notably, minutes from the Fed's last month meeting revealed that the two governors who voted for a rate cut were not supported by other board members.
According to the CME's FedWatch tool, investors are anticipating a 73.5% chance of a 25 basis point rate cut.
The aggressive measures taken by US President Donald Trump to end Russia's war with Ukraine had him meet the Russian president last Friday and Ukrainian president this past Monday.
Trump announced later that he intends to prepare a face-to-face meeting ground for the Russian and Ukrainian presidents to expedite a ceasefire and later involve himself if required.
On the economic data front, numbers released by the US Labor Department data today revealed that for the second week of August, the initial jobless claims jumped by 11,000 from the previous week to 235,000 and continuing claims increased to 1,972,000 for the week ending August 9 from 1,942,000 in the previous week.
The S&P Global US Manufacturing PMI rose to 53.3 in August from 49.8 in July.
The Manufacturing PMI rose to 53.3 in August 2025 from 49.8 in July, while the Services PMI edged lower to 55.4 in August of 2025 from the year-to-date high of 55.7.
Existing home sales in the United States rose by 2% in July compared to the previous month.
With a stronger dollar making it more expensive for international buyers to buy dollar-denominated commodities such as gold, traders feel that gold is likely to remain rangebound until the details of the Fed Chair's speech come out.
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