By Noel John
(Reuters) -Gold prices were largely steady on Monday, as investors focused on U.S. President Donald Trump’s meeting with Ukrainian and European leaders, and the Federal Reserve’s annual symposium in Jackson Hole this week.
Spot gold was marginally down at $3,333.32 per ounce at 01:42 p.m. ET (1742 GMT), after hitting its lowest level since August 1 earlier in the session.
U.S. gold futures for December delivery settled 0.1% lower at $3,378.
The U.S. dollar gained 0.3%, making greenback-priced bullion more expensive for other currency holders.
Trump said the U.S. would “help out” Europe in providing security for Ukraine as part of any deal to end Russia’s war in Ukraine, as he and President Volodymyr Zelenskiy began a hastily arranged White House meeting to discuss a path to peace.
The European leaders will meet with Trump afterwards in the White House’s East Room at 3 p.m. EDT (1900 GMT), according to the White House.
The meeting between Trump and Zelenskiy follows Trump’s meeting with Putin on Friday, where the two leaders agreed to pursue a peace deal without implementing a ceasefire.
“There was not much reaction in gold to the Putin-Trump meeting. I think we’ll continue in this price range. The next inflection point is the Federal Reserve (conference),” said Marex analyst Edward Meir.
Minutes from the U.S. central bank’s July policy meeting are due on Wednesday, ahead of the Fed’s annual conference in Jackson Hole, Wyoming, scheduled for August 21–23. Fed Chair Jerome Powell is expected to speak at the event.
Investors will be watching out for Powell’s remarks on the economic outlook.
While markets have already priced in a 25 basis point cut, there’s an outside chance of a 50 basis point reduction, which could drive gold prices higher, Meir said.
Gold tends to perform strongly in environments with low interest rates and heightened uncertainty.
Elsewhere, spot silver rose 0.1% at $38.02 per ounce, while platinum fell 0.1% to $1,334.10.
Spot palladium gained 1% to $1,122.86 after falling to its lowest level since July 10 earlier in the session.
(Reporting by Noel John in Bengaluru; Editing by Arun Koyyur and Sahal Muhammed)
