Gold Retreats from Record Highs as Traders Assess Fed Rate Outlook

Gold prices fell on Thursday, retreating from all-time highs hit earlier this week, as the US dollar ticked up ahead of US jobs data and the Federal Reserve chief's speech that could offer further insights into the interest rate outlook. Spot gold fell 0.5% to $2,500.65 per ounce, trading below a record high of $2,531.60 hit on Tuesday. US gold futures eased 0.4% to $2,537.10. The dollar index was up 0.2% following minutes from the Fed's July 30-31 meeting that showed officials were strongly inclined toward a rate cut next month. Investors are now awaiting the Jackson Hole Economic Symposium starting Thursday, with Fed Chair Jerome Powell set to speak on Friday. Among other metals, spot silver shed 0.9% to $29.37 per ounce, platinum fell 0.41% to $959.76 and palladium was down 0.3% at $948.55. Source: Qatar News Agency