Spot gold dropped 0.4% to $3,326.35 per ounce by 08:17 GMT, while US gold futures for December delivery fell 0.4% to $3,368.80 as investors awaited Federal Reserve Chairman Jerome Powell’s remarks.
Analysts noted that a stronger US dollar, which hit a near two-week high, made gold more expensive for holders of other currencies, contributing to the decline.
Futures markets are pricing in a 71% chance of a quarter-point US rate cut in September, though recent comments from Federal Reserve officials suggested limited enthusiasm for an early move.
Among other precious metals, silver fell 0.4% to $38.03 per ounce, platinum dropped 0.6% to $1,343.80, while palladium rose 0.2% to $1,112.85.
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