SINGAPORE: Gold prices fell marginally on Thursday, lingering around the key $1,500 level, as investors awaited the Federal Reserve chair’s speech at a global central bankers’ conclave for clues on future US interest rate cuts.

Spot gold inched down 0.2% at $1,499.60 per ounce as of 0747 GMT.

US gold futures were down 0.5% at $1,507.60 an ounce.

“We are seeing a holding pattern until the remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium,” OANDA analyst Jeffrey Halley said.

Markets are now focused on Powell’s speech at Jackson Hole on Friday, for clarity on the direction of US monetary policy, especially after an inversion in the Treasury yield curve highlighted the risk that the US economy may fall into recession.

Traders are also looking at the Group of Seven summit this weekend for clues on what additional steps policymakers may take to boost economic growth.

Spot gold may rise to $1,524 per ounce as it has found a support at $1,497, according to Reuters analyst Wang Tao.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.80% to 851.91 tonnes on Wednesday.

The holdings have increased about 3%, or around 24 tonnes, so far this month.—Reuters