Gold futures fell 0.2 percent to $1913.10 an ounce by 0527 GMT. US gold futures also fell 0.3 percent to $1,941.30.
Gold has risen about 1.3 percent since the beginning of the week, which could be the first week of gains this month, with prices climbing to the highest level since August 10 on Thursday.
“Powell could bring gold back to $1,900 and could raise it to $1,940,” said Matt Simpson, chief analyst at City Index.
“It is clear that the strength of the dollar is a headwind for gold,” he added.
And the dollar is on its way to gaining for the sixth week in a row, which makes gold more expensive for buyers holding other currencies.
For more clues about the path of interest rates, investors will focus on remarks by Powell and European Central Bank President Christine Lagarde expected later in the day at an annual economic symposium in Jackson Hole, Wyoming.
As for other precious metals, silver fell in spot transactions by 0.4 percent, to $ 24.05 an ounce, and platinum settled at $ 932.60. Palladium fell 0.7 percent to $1,232.13.
Silver and platinum are on track for their best week since July 14th. Palladium is about to decline for the second week in a row.
2023-08-25 07:06:50
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