Gold prices fall in anticipation of Powell's upcoming 'Jackson Hole' address

The prices of gold, silver, platinum, and palladium have taken a dip, with the decline attributed to a stronger US dollar. The US dollar reached a near two-week high, making these precious metals more expensive for holders of other currencies.

At 08:17 GMT, gold price dropped 0.4% to $3,326.35 per ounce. Meanwhile, silver price fell 0.4% to $38.03 per ounce, and platinum price decreased 0.6% to $1,343.80 per ounce. Palladium, however, bucked the trend, rising 0.2% to $1,112.85 per ounce.

The stronger US dollar is the primary reason for the decline in these metals' prices. This strength makes gold, silver, platinum, and palladium more expensive for foreign buyers, reducing demand and causing prices to fall.

Recent comments from Federal Reserve officials suggest limited enthusiasm for an early US rate cut. Despite this, futures markets are pricing in a 71% chance of a quarter-point US rate cut in September. The current Federal Reserve Chairman, Jerome Powell, is expected to speak the next day, and his term is set to expire in May 2026.

It's important to note that no specific information about the prices of other precious metals or their potential impact on US rate cuts was provided. Furthermore, no advertisements were found in this paragraph.

In the futures markets, US gold futures for December delivery fell 0.4% to $3,368.80. No information about the gold futures market beyond this was provided.

In conclusion, the stronger US dollar has led to a decline in the prices of gold, silver, platinum, and palladium. While the futures markets suggest a high probability of a US rate cut in September, recent comments from Federal Reserve officials indicate limited enthusiasm for an early US rate cut.