PRECIOUS-Gold holds steady as investors eye Fed's Jackson Hole meeting
Aug 19 (Reuters) - Gold prices were little changed on Tuesday as investors focussed on the Federal Reserve's Jackson Hole meeting later this week, which could provide insights into the U.S. central bank's trajectory of interest rate policy.
FUNDAMENTALS
* Spot gold XAU= was up 0.1% at $3,334.91 per ounce, as of 0047 GMT. U.S. gold futures GCcv1 for December delivery rose 0.1% to $3,379.40.
* The Jackson Hole conference in Wymoing, set for August 21-23, where Fed Chair Jerome Powell is expected to speak, could offer more clarity on the economic outlook and the central bank's policy framework.
* Investors currently assign an 84% probability of a 25-basis-point rate cut at the Fed's September meeting, according to the CME FedWatch tool.
* Gold, a safe haven asset during the times of geopolitical and economic uncertainity tends to perform well in low interest rates environment.
* Minutes from the Fed's July meeting, due on Wednesday, are also expected to provide further cues on monetary policy.
* U.S. President Donald Trump told President Volodymyr Zelenskiy on Monday that the United States would help guarantee Ukraine's security in any deal to end Russia's war there, though the extent of any assistance was not immediately clear.
* Trump said it was a "very good" meeting and he had begun arrangements for a meeting between Russian President Vladimir Putin and Zelenskiy after a subsequent call with Putin.
* The Zelenskiy meeting came after an Alaska summit between Trump and Putin that failed to yield an agreement. Trump after the Alaska talks with Putin appeared more aligned with Moscow on seeking a full peace deal instead of a ceasefire first.
* Elsewhere, spot silver XAG= rose 0.2% to $38.07 per ounce, platinum XPT= gained 0.3% to $1,327.30 and palladium XPD= was down 0.9% to $1,112.03.
DATA/EVENTS (GMT) | |
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