Gold Eases With Focus on Jackson Hole Meeting for Fed Clues

(Bloomberg) -- Gold edged down as investors awaited the Federal Reserve’s Jackson Hole gathering for clues on the path for US interest rates.

Bullion traded around $3,340 an ounce, paring some of the gains made on Wednesday when President Donald Trump’s call for Fed Governor Lisa Cook to resign bolstered haven demand. Focus is now turning back to Fed Chair Jerome Powell’s keynote speech on Friday in Wyoming for signs about the central bank’s forthcoming monetary policy decisions.

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Traders expect the Fed to cut rates by at least 25 basis points next month, which would be positive for gold, as it doesn’t pay interest. The minutes from policymakers’ meeting last month showed that officials highlighted inflation risks outweighing concerns about a slowing labor market.

The precious metal has rallied by more than a quarter this year, although the bulk of the advance was registered in the opening four months, when prices hit a record. The metal has been supported by central-bank buying and inflows into exchange-traded funds, and many analysts including UBS Group AG’s wealth-management arm have made the case that there’s scope for further gains.

“Prices will remain elevated in the coming weeks as the market braces for a US Fed rate cut in September,” Fitch Solutions’ BMI unit said in a note. “We expect gold to trade between $3,200 to $3,600 an ounce for the rest of 2025.”

Gold declined 0.3% to $3,339.38 an ounce by 3 p.m. in New York. The Bloomberg Dollar Spot Index was up 0.3%. Silver and platinum gained while palladium fell.

Copper traded on the London Metal Exchange was little-changed to settle at $9,724.50 a ton. Other main LME metals were mixed, with aluminum up 0.3% and zinc down 0.8%.

--With assistance from Laura Avetisyan and Yvonne Yue Li.

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