Gold prices dipped slightly to around $3,330 per ounce as traders reduced their expectations for Federal Reserve rate cuts.
Strong U.S. manufacturing data showed factories expanding at their fastest pace in over three years, raising inflation concerns.
Markets now see only a 73% chance of a rate cut next month, down from 90% last week. All eyes are on Fed Chair Jerome Powell’s speech at Jackson Hole on Friday for clues about future monetary policy.