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Gold gains ahead of Fed Chair remarks
Gold prices experienced a slight increase after falling over 1% in the previous session, as the market awaiting remarks from U.S. Federal Reserve Chair Jerome Powell regarding the possibility of raising interest rates, following five consecutive months of U.S. inflation rates exceeding the Fed's 2% target. Spot prices rose to $1,615.27 per ounce, while futures contracts increased to $1,669.50. The market factors in a 36.5% chance of a rate hike in September and a 72.7% likelihood by December, which could diminish gold's appeal since it does not yield interest. Powell is expected to speak at the Jackson Hole symposium on Friday amidst ongoing diplomatic efforts by Qatar in Tehran amid tensions between Washington and Tehran. Additionally, other precious metals saw modest gains: silver rose 1% to $68.77, platinum increased 0.7% to $1,842.88, and palladium went up 0.3% to $1,332.34.
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