Gold hovers near 3-week lows

Gold ticked up on Wednesday but hovered near three-week lows, as investors looked towards the minutes of the Federal Reserve's July meeting and the Jackson Hole symposium of central bankers this week for cues on further rate cuts, reports Reuters.

Spot gold was up 0.4 per cent at $3,329.89 per ounce, as of 1140 GMT, after reaching its lowest level since August 1.

US gold futures for December delivery rose 0.4 per cent to $3,372.80.

The US dollar index was steady after climbing to a more than one-week high earlier in the session, making gold more expensive for holders of other currencies.

"Spot gold is likely to adhere to its sideways range until the Fed can resume its rate-cutting cycle, while the dollar's month-to-date resilience is also making it harder for it to embark higher," said Han Tan, chief market analyst at investment trading platform Nemo.Money.

Minutes of the Fed's July meeting, due later in the day, were anticipated to offer further insights into the central bank's economic outlook.

"Markets will be looking out for further clues about the dissenting voices from the last FOMC meeting. Gold could even see a slight lift prior to Jackson Hole, should the FOMC minutes show that the dissenting voices at the previous Fed policy meeting were louder than envisioned," Tan said.