Gold prices down from record high ahead of Jackson Hole meeting

SINGAPORE – Gold prices edged lower on Thursday, pulling back from the all-time highs reached earlier this week, as the dollar strengthened ahead of key US jobs data and a highly anticipated speech by Federal Reserve Chairman Jerome Powell, which may offer further insights into future interest rate movements.

Spot gold dipped 0.5 percent to USD2,500.65 per ounce, retreating from its peak of USD2,531.60 recorded on Tuesday. Similarly, US gold futures declined 0.4 percent to USD2,537.10.

The dollar index rose 0.2 percent following the release of minutes from the Federal Reserve's July 30-31 meeting, which revealed a strong inclination among officials to reduce interest rates in the coming month.

Investors are now focused on the Jackson Hole Economic Symposium, set to begin on Thursday, with Powell's speech on Friday expected to be a key event.

Among other precious metals, spot silver dropped 0.9 percent to USD29.37 per ounce, platinum decreased 0.41 percent to USD959.76, and palladium slipped 0.3 percent to USD948.55. (PNA)