Gold futures settled lower on Thursday, a day after posting its largest daily percentage gain since the end of July. Prices for the precious metal "*remained under pressure with traders' attention turning toward the Federal Reserve*," said Bas Kooijman, CEO and asset manager of DHF Capital. Fed Chairman Jerome Powell's speech on Friday morning "*could create significant price movements as investors look for additional clues regarding the direction of monetary policy*." December gold fell $1, or nearly 0.1%, to settle at $1,947.10 an ounce on Comex.

Sources: [Morningstar](https://www.morningstar.com/news/marketwatch/20230824497/gold-futures-finish-with-a-loss-ahead-of-powells-speech-on-friday)

[Market Watch](https://www.marketwatch.com/story/gold-futures-finish-with-a-loss-ahead-of-powells-speech-on-friday-829f002b)

[London Loves Business](https://londonlovesbusiness.com/gold-under-pressure-ahead-of-fed-speech/)

[Head Topics](https://headtopics.com/us/gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday-42791045)

[Sweet Crude](https://sweetcrudereports.com/gold-under-pressure-ahead-of-fed-speech/)

[EWF PRO](https://www.ewfpro.com/index.php/en/commodity/131-precious-metal-energy/precious-metals/market-update-gold/79462-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

[SG Insight](https://www.sg-insight.com/index.php/en/commodity/131-precious-metal-energy/precious-metals/market-update-gold/75074-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

[KP Press](https://www.kp-press.com/index.php/en/commodity/131-precious-metal-energy/precious-metals/market-update-gold/75037-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

[RFB News](https://www.rfbnews.com/index.php/en/2013-11-24-17-19-08/131-precious-metal-energy/precious-metals/market-update-gold/79989-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

[BPF News](https://www.bpfnews.com/index.php/en/commodity/131-precious-metal-energy/precious-metals/market-update-gold/79833-gold-futures-finish-with-a-loss-ahead-of-powell-s-speech-on-friday)

By BAS KOOIJMAN*

Gold prices have been seeing some volatility during the last few trading sessions as some uncertainty affected global investors’ expectations. While sentiment improved to a certain extent after the resolution of the US debt issue and as Japan saw stronger growth, other factors such as weaker economic data in China and other countries have increased doubts over the direction of the global economy.

The risks that emerged during the lead-up to the resolution of the debt ceiling issue could leave some investors more cautious regarding their investment choices in the future and could favor gold and other safe assets for some time. However, the averted catastrophe could see investors move to more risky assets which could put pressure on gold prices to a certain extent.

Over the longer term, gold could continue to see some support in particular if central banks expand their purchases. Central banks could shift part of their reserves toward gold with the dollar coming increasingly under pressure and seeing competition from other assets.

Over the short term, gold prices could continue to see strong volatility with major central banks’ meetings scheduled next week. The Federal Reserve and the European Central Bank are poised to decide on their interest rates while the former is expected to pause its rate hikes and the latter could raise rates.

In the meantime, traders could remain cautious while gold prices could see some pressure from rising bond yields. Traders could monitor central banks’ rhetoric for any clue on the direction of interest rates and their impact on gold prices.

**Bas Kooijman, Chief Executive Officer at DHF Capital, a Luxembourg based securitization company established in December 2020 for well-informed personal or institutional investors*.

Source: [Zambian Mining News](https://www.miningnewszambia.com/magazine/)

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Gold prices continue to see strong volatility

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Stocks opened lower on Wednesday following concerns of new trade restrictions to China, while traders awaited to hear Federal Reserve Chairman Jerome Powell speak.

The Dow Jones Industrial Average declined 120 points, or 0.3%. The S&P 500 was down 0.4%, and the tech-heavy Nasdaq Composite was declining 0.3%.

Big tech stocks were falling following a report that the White House is considering new restrictions on exports to China of chips for artificial intelligence. Nvidia (ticker: NVDA) stock dropped 3.1%, Advanced Micro Devices (AMD) was down 1.7% and Applied Materials (AMAT) fell 2.7%.

“*While the technology sector has been providing strong support to the market with AI boosting investors’ expectations, the US-China tensions could dampen this trend*,” Ralph Ratterman, asset manager at DHF Capital S.A., wrote Wednesday.

Jerome Powell is set to speak with central bankers from around the globe Wednesday. Traders will be listening to see if he shares any new updates on the future of monetary policy and inflation.

Source: [Barron's](https://www.barrons.com/livecoverage/stock-market-today-062823/card/stocks-open-lower-ahead-of-powell-remarks-OGcdmhxER5iftQceRwGE)