Gold steady, focus on Jackson Hole summit for rate-cut direction

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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Gold futures trade flat on Monday

Gold futures were trading almost flat on Monday, with safe haven buying following escalated trade worries between the world’s largest economies and increased fears of a global economic slowdown. A private report said recession risks were increasing due to the Sino-US trade war, and cut its forecast for fourth-quarter US growth.

Gold futures for December delivery were almost flat at $1,508.50 an ounce on the Comex division of the New York Mercantile. Spot gold steady at $1,496.99 per ounce.

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