Gold prices fell today, Thursday, from their all-time highs recorded earlier this week, dropping as the dollar rose before the release of U.S. employment data and a speech from the Federal Reserve Chair, which may offer further clues about interest rate expectations.
Spot gold dropped by 0.5% to $2,500.65 per ounce, trading below its all-time high of $2,531.60 reached on Tuesday. U.S. gold futures also fell by 0.4% to $2,537.10.
The dollar index rose by 0.2% following the release of the minutes from the Federal Reserve’s meeting on July 30 and 31, which showed that officials were strongly leaning toward a rate cut next month.
Investors are now awaiting the Jackson Hole Economic Symposium starting today, Thursday, where Federal Reserve Chair Jerome Powell is scheduled to speak tomorrow, Friday.
For other precious metals, silver fell by 0.9% to $29.37 per ounce, platinum decreased by 0.41% to $959.76, and palladium lost 0.3% to $948.55.
