Gold firms as investors await the Fed’s Powell speech

Gold prices stabilized today, Friday, despite the precious metal’s tendency to achieve a weekly gain, with investors focused largely on the Jackson Hole symposium for signals on the US Federal Reserve’s policy to curb inflation.

Spot gold firmed at $1757.99 an ounce at 0624 GMT, but it rose by 0.6% so far this week.

The US gold futures fell 0.1% to trade at $1770.50 per ounce, Reuters reported.

Intermittent declines in the resilient dollar put gold priced in the US currency on track for weekly gains.

The dollar index is hovering near a one-month high, while 10-year US Treasury yields are up.

Powell is scheduled to deliver a speech at 1400 GMT on Friday at the Jackson Hole symposium in the United States.

Investors will be watching closely for any indications of the pace of monetary tightening by the Federal Reserve, and any indications of a possible change in strategy in the event of an economic slowdown.

With regard to other precious metals, silver in spot contracts fell 0.1 percent to $ 19.26 an ounce, and palladium fell 0.3 percent to $ 2140.68. And the two are heading towards achieving weekly gains.