BENGALURU: Gold prices edged lower on Friday on a stronger dollar while investors awaited US Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path.
Spot gold fell 0.3 percent to $3,329.19 per ounce by 9:07 a.m. Saudi time. US gold futures for December delivery lost 0.3 percent to $3,372.10.
The US dollar index hovered near a two-week high, making gold less attractive to overseas buyers.
Fed officials appeared lukewarm on Thursday to the idea of a rate cut next month as investors geared up for Powell’s speech, due at 5:00 p.m. Saudi time on Friday.
“With a Russia-Ukraine peace deal still a possibility, and the USD attracting some buyers, gold is facing headwinds,” KCM Trade chief market analyst Tim Waterer said.
