PRECIOUS-Gold gains on softer dollar ahead of Fed minutes, Jackson Hole summit
By Ishaan Arora
Aug 20 (Reuters) - Gold rose on Wednesday, buoyed by a softer U.S. dollar, 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.
Spot gold XAU= was up 0.8% at $3,341.89 per ounce, as of 1300 GMT, after touching its lowest level since August 1.
U.S. gold futures GCcv1 for December delivery rose 0.8% to $3,385.80.
The U.S. dollar index .DXY was down 0.1% after it hit a more than one-week high earlier in the session. USD/
"Gold could 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," said Han Tan, chief market analyst at investment trading platform Nemo.Money.
Fed chair Jerome Powell is due to speak at the central bank's annual research conference in Jackson Hole, Wyoming, on Friday.
Minutes of the Fed's July meeting, due later on Wednesday, were anticipated to offer further insights into the central bank's economic outlook.
Gold typically performs well when interest rates are low and during times of economic and geopolitical uncertainty.
"Precious metals should remain supported by lingering concerns over geopolitical risks and global economic concerns stemming from slowing trade," Tan added.
On the international front, U.S. President Donald Trump ruled out deploying ground troops to Ukraine on Tuesday but suggested air support could be part of a deal to end Russia's war against its neighbour.
Ukrainian President Volodymyr Zelenskiy said this week's White House talks were a "major step forward" towards ending the conflict and setting up a trilateral meeting with Russian President Vladimir Putin and Trump.
Elsewhere, spot silver XAG= rose 0.6% to $37.61 per ounce, while platinum XPT= gained 1.9% to $1,331.05.
Palladium XPD= was up 0.7% at $1,122.93 after falling to its lowest level in six weeks earlier in the session.
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