Gold prices fell on Wednesday, August 24, with the rise of the US dollar following hawkish comments from a US Federal Reserve official kept investors cautious ahead of a Fed conference in Jackson Hole later this week.
And gold fell in spot transactions 0.1% to $ 1746.18 an ounce, by 07:12 GMT, following rising 0.7% in the previous session.
US gold futures fell 0.1% to $ 1769.20.
The dollar has stabilized near its peak recently once morest rival currencies, making gold more expensive for holders of other currencies.
Attention will focus on US Federal Reserve Chairman Jerome Powell’s speech at the annual World Central Banking Conference in Jackson Hole on Friday to get more indications regarding the potential for future interest rate hikes.
Minneapolis Fed President Neil Kashkari was the latest official to stress that the central bank’s focus is on controlling inflation before anything else.
The Fed has raised interest rates by a total of 225 basis points since March to contain inflationary pressures and indicated that further tightening will depend on economic data.
Higher interest rates increase the opportunity cost of owning the non-returning yellow metal.
Among other precious metals, spot silver fell 0.6% to $19.05 an ounce, platinum fell 0.4% to $875.95, and palladium fell 0.2% to $1976.28.
