Gold finishes flat in quiet summertime trading as markets digest Powell's speech

[stack of shiny gold bars 3d illustration]
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Gold futures finished flat while remaining at elevated levels Monday, as markets continued to digest U.S. Federal Reserve Chair Powell’s Friday speech at the Jackson Hole symposium.

The metal shrugged off a stronger dollar, supported by persistent geopolitical risks and expectations of easing U.S. monetary policy.

Gold gained on Friday while the U.S. dollar and bond yields fell after Powell opened the door to an interest rate cut in September, signaling rising risks to the labor market amid persistent inflation concerns and suggesting that the Fed may need to adjust its restrictive stance, which ING analysts said means gold could be poised for fresh new record highs in the short term as traders increase bets on rate cuts.

Markets anticipate a more than 86% chance of a 25-basis point rate cut at the Fed's September policy meeting, according to the CME FedWatch Tool.

Front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for August delivery lost less than 0.1% at $3,373.80/oz after hitting a two-week high on Friday, and front-month Comex August silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) closed -0.8% to $38.677/oz, snapping a three session winning streak.

ETFs: (NYSEARCA:GLD [https://seekingalpha.com/symbol/GLD]), (NYSEARCA:GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (NYSEARCA:IAU [https://seekingalpha.com/symbol/IAU]), (NYSEARCA:NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])

MORE ON GOLD AND GOLD MINERS ETF, ETC.

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* Precious Metals Surge After Dovish Jackson Hole Speech (Technical Analysis) [https://seekingalpha.com/article/4816579-precious-metals-surge-dovish-jackson-hole-speech-technical-analysis]
* Chart Of The Day: Does This Mean It's Almost Time For Gold's Next Breakout? [https://seekingalpha.com/article/4816002-chart-of-day-does-this-mean-almost-time-gold-next-breakout]