Gold price drops to 3-week low on strong dollar and Fed focus

GOLD prices declined to their lowest point in almost three weeks on Wednesday. The drop came as the US dollar strengthened significantly in global markets.

Investors are closely monitoring the upcoming Federal Reserve symposium in Jackson Hole.

Spot gold decreased by 0.1 percent to $3,313.51 per ounce by 0240 GMT. This level represents the weakest performance since August 1.

US gold futures for December delivery also fell 0.1 percent to $3,355.50. Market analyst Kelvin Wong from OANDA identified multiple factors pressuring gold prices.

“A stronger dollar and improving risk appetite from recent geopolitical developments are weighing on gold prices,“ Wong stated.

He emphasized that markets are particularly focused on Fed Chair Jerome Powell’s upcoming speech. The US dollar index reached its highest level in more than a week.

This strength makes gold more expensive for buyers using other currencies. Powell is scheduled to speak at the Kansas City Federal Reserve’s Jackson Hole symposium on Friday.

Investors worldwide are watching for any indications about future monetary policy direction.

The Federal Reserve’s July meeting minutes will be released later today.

These minutes are expected to provide additional clarity on the central bank’s policy stance. Interest rate futures currently indicate two potential rate cuts this year. Each cut would be 25 basis points, with the first anticipated in September.

Gold traditionally performs better in low-interest-rate environments and during periods of increased uncertainty. In geopolitical developments, US President Donald Trump addressed the Ukraine situation on Tuesday.

Trump ruled out deploying ground troops to Ukraine but suggested air support possibilities.

Ukrainian President Volodymyr Zelenskiy described White House talks as significant progress. Zelenskiy called the discussions “a major step forward” toward ending Europe’s deadliest conflict in decades.

The Ukrainian leader also mentioned potential trilateral meetings involving Russian President Vladimir Putin. Other precious metals showed mixed performance in Wednesday trading.

Spot silver fell 0.3 percent to $37.26 per ounce. Platinum gained 0.2 percent to $1,308.90 per ounce. Palladium declined 0.7 percent to $1,106.83 per ounce. – Reuters

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