Gold stabilizes as investors await the Federal Reserve’s speech

Gold prices stabilized on Friday despite the precious metal’s trend for a weekly gain, with investors focused largely on the Jackson Hole seminar for clues about the US Federal Reserve’s policy to curb inflation.

Spot gold consolidated at $1,757.99 an ounce at 0624 GMT, but rose 0.6 percent so far this week.

And US gold futures fell 0.1 percent to $1,770.50.

The dollar index is hovering near a one-month high, while 10-year US Treasury yields are up.

Powell is scheduled to speak at 1400 GMT on Friday at the Jackson Hole symposium in the United States.

Investors will be watching closely for any indications of the pace of monetary tightening by the Federal Reserve, and any indications of a possible change in strategy in the event of an economic slowdown.

With regard to other precious metals, silver in spot contracts fell 0.1 percent to $ 19.26 an ounce, and palladium fell 0.3 percent to $ 2140.68. The two are heading for weekly gains.

And platinum increased by 0.4 percent to $ 884.27, but it has fallen so far for the second week in a row.