Gold prices fall ahead of Fed's Jackson Hole meeting
Gold slipped, with spot prices down 0.5% to $3,331.74/oz and December futures falling 0.4% to $3,373.70.
The drop comes as the US dollar gets stronger and global bond yields rise—right before the Federal Reserve's annual Jackson Hole symposium on August 21-23.
Gold reacts to interest rates and dollar movements
Gold usually reacts when interest rates or the dollar move.
A stronger dollar makes gold costlier for buyers abroad, and higher bond yields mean holding gold is less attractive.
US dollar index goes up, putting pressure on gold prices
Everyone's waiting to see what Powell says about inflation and jobs—his words could shape where gold goes next.
Meanwhile, the US dollar index nudged up another 0.1%, putting more pressure on gold prices.
Silver, platinum, and palladium also took a hit as markets stay cautious ahead of possible policy changes.