Today gold is on losses so far

Gold prices fell on Friday to trade below the levels of 3,330 dollars per ounce, settling within a narrow range, as traders avoided big moves ahead of Fed Chairman Powell's statements in Jackson Hole, which may provide indications on the prospects for US monetary policy.

Fed officials have shown little sign of backing a rate cut next month, leaving markets focused on Powell's speech for guidance amid signs of a slowing labor market, while inflation remains above target and vulnerable to tariff pressures.

Investors are still anticipating the possibility of easing monetary policy in September, with markets currently estimating the probability of its reduction by a quarter of a percentage point at 75%.

At the geopolitical level, hopes for a possible peace agreement between Russia and Ukraine have waned, as it was reported that Russia launched its largest drone and missile attack on Ukraine for more than a month, and Moscow accused Kiev of rejecting the possibility of reaching a lasting and fair settlement, which limited gold losses during the current period, and it is possible that gold will rise soon, especially if Powell's statements today were negative about the US economy and pointed to a significant interest rate cut in September.