WASHINGTON (dpa-AFX) - Gold dipped from a two-week high on Monday as the dollar recovered from the intense selloff seen in the New York session on Friday.
Spot gold dipped 0.3 percent to $3,362.55 per ounce in European trade, with signals of a potential rate cut by the U.S. Federal Reserve in September helping limit losses for the yellow metal. U.S. gold futures were down 0.3 percent at $3,407.32.
Fed Chair Jerome Powell's Jackson Hole speech was largely dovish and provided a boost to most risk assets.
The dollar rose slightly against major rivals ahead of a busy week for economic data releases.
U.S. reports on new home sales, durable goods orders, consumer confidence, second quarter GDP, personal income and spending, weekly jobless claims and consumer price inflation all are important for upcoming Fed interest rate decision in September.
Fed fund futures currently price in an 84 percent chance of a quarter-point rate cut in September, and at least 100 basis points of easing to 3.25-3.5 percent by the middle of next year.
On the geopolitical front, Russian-Ukraine peace talks are going nowhere. Ukraine on Sunday carried out a drone attack which sparked a huge blaze at the Ust-Luga fuel export terminal, Russian officials said.
U.S. President Donald Trump said that he will make a 'very important decision' in the next two weeks regarding the ongoing Russia-Ukraine war if both sides do not agree to a peace deal.
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