Gold prices were little changed on Thursday, holding above the key $1,500 an ounce level, as investors awaited the Federal Reserve chair's speech at a global central bankers' conclave for clues on future U.S. interest rate cuts.
Spot gold inched down 0.1% to $1,500.14 per ounce by 0426 GMT.
U.S. gold futures were down 0.4% at $1,510.10 an ounce.
"We are seeing a holding pattern until the remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium," OANDA analyst Jeffrey Halley said.
If Powell says they are going to cut rates aggressively, that may not be great for gold in the short-term since equities will gain, Halley added.
Markets are now focused on Powell's speech at Jackson Hole on Friday, for clarity on the direction of U.S. monetary policy, especially after an inversion in the Treasury yield curve highlighted the risk that the U.S. economy may fall into recession.
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