PRECIOUS-Gold gains on weakness in dollar, yields; Jackson Hole summit in focus

By Ishaan Arora

Aug 19 (Reuters) - Gold prices rose on Tuesday, buoyed by lower treasury yields and a weaker dollar amid prospects of lower U.S. interest rates, while investors looked ahead to the Federal Reserve chair's speech at Jackson Hole later this week.

Spot gold XAU= was up 0.3% at $3,340.62 per ounce by 1152 GMT. U.S. gold futures GCcv1 for December delivery rose 0.2% to $3,385.30.

The dollar index .DXY fell 0.1% against its rivals, while benchmark 10-year yields US10YT=RR also slipped. USD/US/

"Gold has been in a tight range over recent weeks, being pulled in different directions amid the ebb and flow of trade frictions, efforts to secure a Russia-Ukraine peace deal, and weak U.S. labor data, but we believe the risks will drive it higher over the medium term," said UBS commodity analyst Giovanni Staunovo.

On Monday, U.S. President Donald Trump pledged to Ukrainian President Volodymyr Zelenskiy that the U.S. would help guarantee Ukraine's security in any deal to end the war with Russia, though the extent of any assistance was not immediately clear.

Trump hosted Zelenskiy and a group of European allies days after he met with Putin in Alaska, which ended without an agreement.

Meanwhile, market attention is on Fed Chair Jerome Powell's remarks at the Jackson Hole symposium through August 21-23, which could offer clarity on the central bank's economic outlook.

"With several data points between now and the next FOMC meeting there might be no commitment (from the Fed) on next steps," UBS' Staunovo said.

Minutes from the Fed's July meeting, due for release on Wednesday, are also expected to provide cues into the United States' economic outlook.

Elsewhere, spot silver XAG= rose 0.2% to $38.08 per ounce, platinum XPT= was up 1.5% at $1,342.38 and palladium XPD= gained 0.3% to $1,125.93.

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