Gold hit a record high of 2,531.60 on Tuesday
FOMC will issue minutes of July meeting at 1800 GMT

Aug 21 Reuters Gold prices eased on Wednesday, a day after hitting record highs, as investors awaited U.S. Federal Reserve meeting minutes and Chair Jerome Powell39;s speech for clues to the central bank39;s potential ratecutting path.

Spot gold was down 0.1 at 2,510.15 per ounce as of 1126 GMT. U.S. gold futures had lost 0.1 to 2,548.50.

The dollar slipping to its lowest this year and lower Treasury yields could not hold gold at its zenith. Prices fell from an alltime peak of 2,531.60 hit on Tuesday but held strongly above the 2,500 per ounce level.

Right now, the main factor for the relative calm in the markets is the waitandsee stance from many traders, ahead of the Jackson Hole symposium, said Ricardo Evangelista, senior analyst at ActivTrades.

Jerome Powell is expected to speak on Friday and many hope that his speech will be the launchpad for the Feds rate cutting cycle. Evangelista said, adding that the Fed is likely to continue rate cuts into 2025 and expects gold prices to rise toward 3,000.

Investors are also keeping a close eye on the minutes of the Fed39;s July policy meeting due at 1800 GMT.

Traders have fully priced in a rate cut at the Fed39;s September meeting, with a 70 chance of a 25 basis points cut, according to the CME FedWatch tool.

Gold is on pace for its best year since 2020, rising by nearly 470, or 22, in 2024. Geopolitical tensions,…