Gold prices fell Wednesday to their lowest level in nearly three weeks as a stronger dollar weighed on the market and investors looked ahead to the US Federal Reserve’s Jackson Hole symposium for signals on future monetary policy.
Spot gold slipped 0.1 percent to 3,313.51 dollars an ounce, after touching its lowest since August 1.
US gold futures for December delivery also declined 0.1 percent to 3,355.50 dollars. Analysts said market participants are holding back on large positions until Federal Reserve Chair Jerome Powell provides further guidance on interest rate trajectories during the annual meeting in Wyoming.
Among other precious metals, silver dropped 0.3 percent to 37.26 dollars an ounce, while palladium slid 0.7 percent to 1,106.83 dollars. Platinum bucked the trend, edging up 0.2 percent to 1,308.90 dollars. The dollar’s strength continued to pressure commodity markets, reflecting investor caution ahead of key monetary policy signals.
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