Gold prices were largely unchanged in Tuesday’s Asian session as investors stayed on the sidelines, awaiting clarity on a possible Russia-Ukraine peace deal and the upcoming Jackson Hole Symposium.
The metal is recovering some losses from last week, when optimism grew that a meeting between U.S. President Donald Trump and Russian President Vladimir Putin could bring a swift end to the war in Ukraine. Trump also met with Ukrainian President Volodymyr Zelensky and several European leaders on Monday.
Spot gold edged up 0.1% to $3,337.31 per ounce, while October gold futures rose 0.1% to $3,381.47/oz as of 01:23 ET (05:23 GMT).
Russia-Ukraine Talks Curb Losses
Gold had faced declines last week but steadied as doubts grew over the prospects for a fast resolution in Ukraine. Reports suggesting Trump might request Ukraine to cede territory to Russia as part of a peace agreement—a move Kyiv has repeatedly rejected—added uncertainty.
Nevertheless, Trump and European leaders appear to be offering some security guarantees to Ukraine, though the specifics remain unclear. Fighting continued over the weekend despite increased diplomatic engagement.
Trump said on Monday that he is working to arrange a direct meeting between Zelensky and Putin, potentially setting the stage for trilateral negotiations, though the timeline remains uncertain.
Metals Market Flat
Other metals showed limited movement. Spot platinum slipped 0.3% to $1,328.12/oz, while spot silver lost 0.2% to $37.9435/oz. Copper futures were marginally higher, with LME copper up 0.1% at $9,759.45 per ton and COMEX copper up 0.1% to $4.4780 per pound.
Eyes on Jackson Hole for Fed Signals
The dollar strengthened slightly, regaining some of last week’s losses as traders focused on the Jackson Hole Symposium. Fed Chair Jerome Powell is expected to provide guidance on interest rates amid speculation of a potential September rate cut.
Markets are watching for his comments after weak U.S. payroll and consumer inflation figures, though stronger producer inflation and uncertainty over the impact of Trump’s tariffs have tempered expectations. Powell has remained non-committal so far, while pressure mounts from the White House for additional rate cuts.
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