Gold prices rose above $3,330 per ounce on Tuesday as investors weighed US-led efforts to end the war in Ukraine and look ahead to the Federal Reserve’s annual Jackson Hole symposium. Following his Monday meeting with Ukrainian President Volodymyr Zelenskiy and European leaders, US President Donald Trump said he had spoken with Russian President Vladimir Putin and was working to arrange a meeting between Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. While this raised hopes for a potential peace deal, investors remained skeptical about an imminent breakthrough. Attention is also firmly on Fed Chair Jerome Powell’s speech in Wyoming later this week, where traders are looking for clues on whether the US central bank will resume cutting interest rates in September. Markets currently imply an 84% chance of a 25bps rate cut next month.
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