Gold rose as traders looked ahead to potential interest-rate signals from the Federal Reserve’s annual gathering in Jackson Hole, as well as high-stakes diplomacy in Washington over efforts to end the war in Ukraine.
Bullion gained as much as 0.7% to trade near $3,359 an ounce, following a 1.8% weekly drop. Central bankers from around the world will gather at the retreat in Wyoming from this Friday, with market pricing suggesting that a reduction in US rates is likely at the Fed’s regular policy meeting next month.