Spot gold experienced a modest increase of 0.1%, reaching $3,334.91 per ounce, as of 0047 GMT. U.S. gold futures for December delivery experienced an increase of 0.1%, reaching a price of $3,379.40. The Jackson Hole conference in Wyoming, scheduled for August 21-23, where Fed Chair Jerome Powell is anticipated to deliver remarks, may provide greater insight into the economic outlook and the central bank’s policy framework.

The current market sentiment reflects an 84% likelihood of a 25-basis-point rate reduction at the Federal Reserve’s upcoming September meeting, as indicated by the CME FedWatch tool. * Gold, recognized as a safe haven asset amid geopolitical and economic uncertainty, typically exhibits strong performance in an environment characterized by low interest rates.

The minutes from the Federal Reserve’s July meeting, scheduled for release on Wednesday, are anticipated to offer additional insights into the trajectory of monetary policy. * U.S. President Donald Trump conveyed to President Volodymyr Zelenskiy on Monday that the United States would assist in ensuring Ukraine’s security in any agreement aimed at concluding Russia’s conflict in the region, although the specifics of such assistance remain ambiguous at this time. Trump characterized the meeting as “very good” and indicated that he had initiated preparations for a meeting between Russian President Vladimir Putin and Zelenskiy following a subsequent conversation with Putin.

The meeting with Zelenskiy followed a summit in Alaska between Trump and Putin, which did not result in a consensus. Following the discussions in Alaska with Putin, Trump seemed to exhibit a greater alignment with Moscow regarding the pursuit of a comprehensive peace agreement rather than prioritizing a ceasefire initially. In other markets, spot silver experienced an increase of 0.2%, reaching $38.07 per ounce, while platinum saw a rise of 0.3% to $1,327.30. Conversely, palladium declined by 0.9%, settling at $1,112.03.