-Gold prices edged higher on Monday, buoyed by easing U.S. Treasury yields, while investors focused on U.S. President Donald Trump’s meeting with Ukrainian and European leaders, and the Federal Reserve’s annual symposium in Jackson Hole.
Spot gold was 0.1% higher at $3,383.20 per ounce at 09:56 a.m. ET , after hitting its lowest level since August 1 earlier. U.S. gold futures for December delivery rose 0.2% to $3,388.80.
Benchmark 10-year U.S. Treasury yields fell from more than two-week highs, making non-yielding gold less attractive. [US/]
The key event for investors on Monday is a White House meeting between Trump and Ukrainian President Volodymyr Zelenskiy, joined by European leaders, as Washington pushes for a swift peace deal to end Europe’s deadliest conflict in eight decades.
This follows Trump’s meeting with Russian President Vladimir Putin on Friday, where the two leaders agreed to pursue a peace deal without implementing a ceasefire.
“There was not much reaction in gold to the Putin-Trump meeting. I think we’ll continue in this price range. Next inflection point is the Federal Reserve,” said Marex analyst Edward Meir.
Minutes from the U.S. central bank’s July policy meeting are due on Wednesday, ahead of the Fed’s annual conference in Jackson Hole, Wyoming, scheduled for August 21–23. Fed Chair Jerome Powell is expected to speak at the event.
Markets will be watching Powell’s remarks on interest rates, a 25 basis point cut is already priced in, but there’s an outside chance of a 50 basis point reduction, which could drive gold prices higher, Meir said.
Gold tends to perform strongly in environments with low interest rates and heightened uncertainty.
Elsewhere, spot silver rose 0.2% at $38.07 per ounce, while platinum fell 0.5% to $1,328.40.
Spot palladium gained 0.3% to $1,115.68 after falling to its lowest level since July 10 earlier in the session.
This article was generated from an automated news agency feed without modifications to text.
