WASHINGTON (dpa-AFX) - Gold traded lower on Friday while the dollar held near a two-week high as investors awaited Federal Reserve Chair Jerome Powell's highly anticipated speech at the Jackson Hole symposium for clarity about the outlook for interest rates.
Spot gold dipped 0.2 percent to $3,330.88 per ounce in European trade, while U.S. gold futures were down 0.3 percent at $3,373.27.
Powell's remarks may provide signals on whether the U.S. central bank is inclined towards easing policy in September.
Fed Bank of Cleveland chief Beth Hammack said Thursday during an interview that she wouldn't be willing to cut rates in September, based on the data available today.
Other Fed officials also struck similarly hawkish tone. Atlanta Fed President Raphael Bostic said he still sees just one rate cut this year as appropriate. Jeffrey Schmid, president of the Kansas City Fed, said he remains wary of inflation pressures in the economy.
Fed Chicago President Austan Goolsbee stated that the U.S. central bank has been getting mixed messages on the economy.
Fed impendence concerns also remained on investors' radar after the U.S. Justice Department called for Federal Reserve governor Lisa Cook to be removed from her post in the latest escalation of the Trump administration's assault on the central bank.
President Trump's housing-finance chief, Bill Pulte, confirmed that he filed a criminal referral against her for alleged mortgage fraud made in 2021.
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