PRECIOUS-Gold little changed as investors await Jackson Hole remarks

ReutersAug 21, 2025 12:57 AM

Aug 21 (Reuters) - Gold prices were steady on Thursday as investors awaited cues into the Federal Reserve's policy outlook ahead of the Jackson Hole symposium in Wyoming, which begins later in the day.

FUNDAMENTALS

* Spot gold XAU= eased 0.1% to $3,343.09 per ounce as of 0032 GMT. U.S. gold futures GCcv1 for December delivery also lost 0.1% to $3,386.10.

* Last month, two Federal Reserve officials - Fed Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller - voted for a quarter-point rate cut to address job market weakness, but their stance lacked broader support, minutes of the Fed's meeting showed.

* Days after the meeting, a Labor Department data showed fewer jobs were created in July, higher unemployment rate and labor force participation at its lowest since late 2022, aligning with Bowman and Waller's concerns.

* The Fed has held rates steady since December, with CME's FedWatch tool projecting an 85% chance of a September rate cut.

* Fed Chair Jerome Powell will likely deliver the keynote speech at Jackson Hole on Friday, with investors watching to note if he backs measures to bolster the labour market or retains focus on inflation risks.

* The conference is being held between August 21 and 23.

* Meanwhile, U.S. President Donald Trump called on Fed Governor Lisa Cook to resign over alleged issues related to her mortgages in Michigan and Georgia, escalating his efforts to influence the central bank.

* On the geopolitical front, Russia said attempts to resolve security issues relating to Ukraine without Moscow's participation were a "road to nowhere," sounding a warning to the West as it scrambles to work out guarantees for Kyiv's future protection.

* Elsewhere, spot silver XAG= held steady at $37.88 per ounce, platinum XPT= fell 0.3% to $1,335.14 and palladium XPD= shed 0.5% to $1,108.73.

DATA/EVENTS (GMT)
0030	Japan S&P Global Mfg, SVC PMI Flash SA August
0030	Japan S&P Global Comp Op Flash SA August
0715	France HCOB Mfg, Services, Composite Flash PMI August
0730	Germany HCOB Mfg, Services, Composite Flash PMI August
0800	EU HCOB Mfg, Services, Composite Flash PMI August
0830	UK Flash Composite, Manufacturing, Services PMI August
1230	U.S. Initial Jobless Clm 16 August, w/e
1230	U.S. Philly Fed Business Indx August
1345	U.S. S&P Global Mfg, Svcs, Comp PMI Flash August
1400	EU Consumer Confid. Flash August
1400	U.S. Existing Home Sales July

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