Gold prices fell marginally on Thursday, lingering around the key $1,500 level, as investors awaited the Federal Reserve chair's speech at a global central bankers' conclave for clues on future U.S. interest rate cuts.
Spot gold inched down 0.2% at $1,499.60 per ounce as of 07:47 GMT.
U.S. gold futures were down 0.5% at $1,507.60 an ounce.
If Powell says they are going to cut rates aggressively, that may not be great for gold in the short-term since equities will gain, Halley added.
Markets are now focused on Powell's speech at Jackson Hole on Friday, for clarity on the direction of U.S. monetary policy, especially after an inversion in the Treasury yield curve highlighted the risk that the U.S. economy may fall into recession.
Source : Reuters