Commodities
Gold Prices Dip on Stronger Dollar Ahead of Powell Speech
Gold prices edged lower on Friday as a stronger US dollar made it less attractive to overseas buyers.
The spot price of gold fell by 0.3 percent to $3,329.19 per ounce at 9:07 am Saudi time, while US gold futures for December delivery lost the same amount to $3,372.10.
The US dollar index hovered near a two-week high, which weighed on gold prices.
Fed officials appeared lukewarm to the idea of a rate cut next month as investors awaited Jerome Powell's speech at the annual Jackson Hole symposium.
'With a Russia-Ukraine peace deal still a possibility, and the USD attracting some buyers, gold is facing headwinds,' said Tim Waterer, chief market analyst at KCM Trade.