Gold prices dropped on Wednesday in Asia as U.S. Federal Reserve chairman Jerome Powell played down expectations of aggressive rate cut.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell 0.1% to $1,411.95 a troy ounce by 1:32 AM ET (05:32 GMT).

Overnight, Powell said the Fed is studying whether the ongoing Sino-U.S. trade war and slowing economic growth warrants a rate cut. But he emphasized that politics won’t be a consideration in its decision.

Source : Investing.com