NEW YORK Gold prices were largely steady on Monday, as investors focused on US President Donald Trump’s meeting with Ukrainian and European leaders later in the day, and the Federal Reserve’s annual symposium in Jackson Hole this week.
Spot gold was flat at $3,334.81 per ounce at 11:56 a.m. ET (1556 GMT), after hitting its lowest level since August 1 earlier in the session. US gold futures for December delivery fell 0.1% to $3,379.70.
The US dollar gained 0.3%, making greenback-priced bullion more expensive for other currency holders. 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.
The next inflection point is the Federal Reserve (conference),” said Marex analyst Edward Meir. Minutes from the US 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.
Investors will be watching out for Powell’s remarks on the economic outlook.
While markets have already priced in a 25 basis point cut, 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 0.1% at $38.02 per ounce, and platinum rose 0.1% to $1,336.55.
Spot palladium gained 1.1% to $1,124.04 after falling to its lowest level since July 10 earlier in the session.
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