Gold rates experience a decrease in anticipation of Powell's address at the 'Jackson Hole' conference.

Gold prices experienced a slight decline today, with the spot price dropping by 0.4% to $3,326.35 per ounce. This decrease can be attributed to a stronger US dollar, which made gold more expensive for holders of other currencies. The US dollar reached a near two-week high, contributing to the gold price drop.

The performance of precious metals is influenced by various factors, including the US dollar and the Federal Reserve's stance on rate cuts. The current Chair of the Federal Reserve, Jerome Powell, is expected to make remarks, but the latest price drop occurred before his comments.

Silver and platinum prices also followed the trend, with silver decreasing by 0.4% to $38.03 per ounce, and platinum dropping by 0.6% to $1,343.80 per ounce. In contrast, palladium showed a slight increase, rising by 0.2% to $1,112.85 per ounce.

Futures markets indicate a 71% chance of a quarter-point US rate cut in September. However, Federal Reserve officials have shown limited enthusiasm for an early rate cut move. The Fed's stance on rate cuts may influence the prices of gold and other precious metals.

For the latest updates on precious metals prices, visit our website, Instagram, and Facebook. As the Chair of the Federal Reserve, Jerome Powell regularly speaks at Federal Reserve events and official meetings, but his next specific remarks are not currently scheduled.

US gold futures for December delivery also decreased by 0.4% to $3,368.80. The decline in gold prices, as well as those of silver and platinum, highlights the volatile nature of the precious metals market.