Gold prices saw a notable decline at the start of trading this week, as investors preferred to wait and see ahead of US Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole conference.
Gold fell 0.4% in spot trading to $3,317.71 an ounce , while December futures closed down 0.6% at $3,358.7 .
In contrast, the US dollar rose slightly, increasing pressure on the precious metal, while yields on 10-year US Treasury bonds remained stable.
Analysts believe that Powell's remarks at the conference could significantly determine the direction of the markets in the coming period, especially with strong expectations of a 25 basis point interest rate cut during the next September meeting.
Meanwhile, gold remains a safe haven for investors amid economic and geopolitical uncertainty, especially with the ongoing war in Ukraine and US President Donald Trump's pressure on the Federal Reserve to adopt more flexible monetary policies.
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