Gold prices eased on Wednesday, a day after hitting record highs, as investors awaited US Federal Reserve meeting minutes and Chair Jerome Powell's speech for clues to the central bank's potential rate-cutting path, reports Reuters.
Spot gold was down 0.1 per cent at $2,510.15 per ounce as of 1126 GMT. US gold futures had lost 0.1 per cent to $2,548.50.
The dollar slipping to its lowest this year and lower Treasury yields could not hold gold at its zenith. Prices fell from an all-time peak of $2,531.60 hit on Tuesday but held strongly above the $2,500 per ounce level.
"Right now, the main factor for the relative calm in the markets is the wait-and-see stance from many traders, ahead of the Jackson Hole symposium," said Ricardo Evangelista, senior analyst at ActivTrades.
"Jerome Powell is expected to speak on Friday and many hope that his speech will be the launchpad for the Fed's rate cutting cycle." Evangelista said, adding that the Fed is likely to continue rate cuts into 2025 and expects gold prices to rise toward $3,000.
Spot silver was up 0.5 per cent to $29.57 per ounce, platinum gained 2.4 per cent to $963.85 and palladium rose 1.4 per cent to $938.55.
Gold pauses after record rally as mkt consolidates
FE Team | Published: August 21, 2024 22:37:13
Gold pauses after record rally as mkt consolidates
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