Gold Prices Hold Steady as Traders Eye Ukraine Talks and Jackson Hole
Gold prices moved little in Asian trade on Tuesday, with investors cautious ahead of potential Russia-Ukraine peace talks and the upcoming Jackson Hole Symposium.
Gold Recovers After Last Week’s Losses
The yellow metal steadied after recent losses. Markets had initially hoped that a meeting between U.S. President Donald Trump and Russian President Vladimir Putin would bring a quick end to the conflict. Trump also held talks with Ukrainian President Volodymyr Zelensky and European leaders on Monday.
- Spot gold rose 0.1% to $3,337.31/oz
- Gold futures (October) gained 0.1% to $3,381.47/oz by 01:23 ET (05:23 GMT)
Russia-Ukraine Peace Outlook in Focus
Gold prices found some support on Monday as doubts grew over a swift peace deal. Reports suggested Trump may push Ukraine to cede territory to Russia, a proposal Kyiv has firmly rejected.
Despite ongoing hostilities, Trump said he hopes to arrange a meeting between Putin and Zelensky, potentially paving the way for trilateral negotiations. However, no clear timeline has been set.
Other Metals Mixed
Broader metals traded flat to weaker:
- Platinum fell 0.3% to $1,328.12/oz
- Silver slipped 0.2% to $37.94/oz
- Copper futures rose 0.1% to $9,759.45/ton (LME) and $4.4780/pound (COMEX)
Markets Await Fed at Jackson Hole
The U.S. dollar strengthened slightly this week, recovering some losses as attention shifted to the Federal Reserve’s Jackson Hole Symposium.
Fed Chair Jerome Powell is scheduled to speak, with traders looking for fresh guidance on interest rates. Markets currently expect a possible rate cut in September, following weaker U.S. payroll and inflation data.
However, strong producer inflation and uncertainty over the impact of Trump’s tariffs have left investors cautious. Powell has so far remained non-committal, while facing growing pressure from the White House to lower rates.
