Gold Closes Lower with Anticipation for Jackson Hole Fed Remarks

Gold prices declined on Wednesday for the first time in four sessions, despite fluctuations by the U.S. Dollar (USD) that was in the positive territory during the European session and for most of the American session.

The yellow metal’s drop that snapped a three-session rising streak comes amid expectations for the U.S. Federal Reserve Chairman Jerome Powell during the Jackson Hole forum.

Gold front month futures lost $17.40, or 0.96%, to close at $1,788.20 per ounce.

This loss, which brought gold below the key $1,800 level, is the biggest for the contract since August 9.

Meanwhile, silver futures dropped by 11.90 cents, or 0.50%, to settle at $23.771 per ounce.

Silver just snapped a two-day rising streak that followed five consecutive daily losses.