Gold Edges Up as Traders Await Powell Speech for Fed Rate Clues

Gold advanced as traders weigh the outlook for US monetary policy ahead of a key speech by Federal Reserve Chair Jerome Powell later this week.

Powell is slated to give his annual address in Jackson Hole, Wyoming, on Friday. Swaps are pricing in a high probability the Fed will cut borrowing costs by a quarter point next month. Lower rates benefit gold as it doesn’t pay interest.