Gold prices steady near all-time high

Gold bars

Gold prices held steady near all-time highs, today, Aug. 26, as the US dollar stabilized after Federal Reserve Chairman Jerome Powell's recent statements that reinforced expectations of a September interest rate cut.

Bullion for December delivery held ground at $2,545.5 per ounce, while spot prices fell slightly by 0.09%, or $2.18, to $2,510.40 an ounce.

Silver futures for September delivery shed 0.35% to $30.15 per ounce, with platinum spot prices also slipping 0.25% to $963.25 an ounce.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, remained flat at 100.74 points.

The yellow metal has risen more than 20% this year, lifted by hopes of a US rate cut, increased safe-haven demand amid geopolitical tensions, and support from global central bank purchases.

Traders are currently pricing in a 64% chance of a 25-basis-point (bp) rate cut at the Fed’s forthcoming September meeting. They also see a 36% possibility of a larger 50-bp reduction, according to the CME FedWatch Tool.