Gold steady ahead of a central bankers meeting

Spot gold edged up 0.2% to $3,337.06 per ounce, while U.S. gold futures for December delivery gained 0.1% to $3,380.70

Gold held steady on Tuesday as investors awaited the U.S. Federal Reserve’s Jackson Hole symposium later this week for cues into possible rate cuts and weighed Washington’s efforts to end the war in Ukraine.

Spot gold edged up 0.2% to $3,337.06 per ounce by 0411 GMT. U.S. gold futures for December delivery gained 0.1% to $3,380.70.

Fed Chair Jerome Powell’s remarks at the Jackson Hole symposium through August 21-23 could offer clarity on the central bank’s economic outlook and policy framework.

Gold is still consolidating and is really waiting for a new catalyst to break higher. I think the big event to watch is Jackson Hole and whether the Fed brings the dovish guidance or not, according to Kyle Rodda, Capital.com’s financial market analyst.

Market participants currently see an 84% chance of a 25 basis point rate cut at the Fed’s next meeting, according to the CME FedWatch tool.

Gold typically performs well in a low-interest-rate environment and amid heightened uncertainties.

Minutes of the Fed’s July meeting, due for release on Wednesday, are expected to provide additional cues into its policy.

On Monday, U.S. President Donald Trump told his Ukrainian counterpart Volodymyr Zelenskyy that Washington would help guarantee Ukraine’s security in any potential deal to end Russia-Ukraine conflict.

Trump described his meeting with Zelenskyy as “very good” and said in a social media post that he had called Russian President Vladimir Putin and begun arranging a meeting between Putin and Zelenskyy.

UBS raised its gold price target for end-March 2026 by $100 to $3,600 on persistent U.S. macroeconomic risks, a decline in dollar use, and strong investment demand.