Gold Steadies as Traders Track US Diplomacy Before Jackson Hole

Gold was little changed as traders weighed US-led efforts to end the war in Ukraine, and counted down to the Federal Reserve’s annual Jackson Hole gathering, which may yield hints on possible rate cuts.

Spot bullion was steady below $3,336 an ounce, after ending almost flat on Monday. Fed Chair Jerome Powell is scheduled to deliver a at the central bankers’ meeting on Friday, and his remarks may reinforce investors’ widespread expectations for looser monetary policy. Lower borrowing costs typically benefit the precious metal, a non-yielding asset.

In the US, meanwhile, the Trump administration has made a concerted to broker an end to the conflict in Ukraine. President Donald Trump called Vladimir Putin and urged the Russian leader to make plans for a summit with Volodymyr Zelenskiy, after meeting the Ukrainian president as well as European leaders at the White House on Monday.

Gold has largely traded within a narrow range in recent months, after setting a record just above $3,500 an ounce in April. The commodity — which remains 27% higher this year has been supported by central bank buying and solid flows into bullion-backed exchange-traded funds. Signs that the US economy may be cooling, and geopolitical tensions, have also aided the metal.

Spot gold was steady at $3,335.66 an ounce at 8:44 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver, palladium and platinum were all little changed.