Gold drifts in narrow range ahead of Powell speech and Fed minutes

Gold prices drifted in a narrow range ahead of the Federal Reserve’s Jackson Hole symposium and the accompanying data releases, with traders balancing expectations of potential policy easing against a firmer dollar and a cautious risk mood. Spot gold hovered around the 3,330–3,340 per ounce area, having touched multi-week lows in some sessions, as investors awaited Powell’s remarks and the Fed’s minutes for clearer guidance on the path of monetary policy this year.

Trading activity reflected a tug-of-war between the prospect of a September rate cut and the reality of a data-dependent stance. Some sessions showed the metal under pressure as the dollar firmed, while others saw modest recoveries on easing risk fears or softer-than-feared inflation signals. Market participants have priced in a probable 25 basis point cut at the September meeting, though the degree of conviction varies as data twists expectations. Minutes from the most recent FOMC meeting are anticipated to shed further light on policymakers’ thinking, including how much weight they assign to tariffs, inflation persistence, and labor-market strength.

Technically, price action has remained largely range-bound. On the...