Gold Holds Steady Near $3,374 Despite Dollar Strength, Eyes Fed Rate Cuts

Comex gold for August delivery settled marginally lower at $3,373.80, declining 60 cents or 0.02%, marking the fourth decline in six sessions. Despite the minor pullback, gold remains in strong position with a 27.87% gain from its 2025 low of $2,638.40 set in early January. The metal successfully shrugged off dollar strength, with analysts noting that Fed Chair Powell’s Jackson Hole remarks about potential September rate cuts and labor market risks have reinforced gold’s appeal. XS.com analyst Rania Gule suggests the downside pressures appear limited and temporary, with the broader bullish trend intact. Lower interest rates reduce the opportunity cost

Gold Hits $3,379 as Fed Drama Unfolds  Gold climbed to approximately $3,379 per ounce Monday after President Trump announced plans to fire Federal Reserve Governor Lisa Cook. The news rattled markets, weakened the dollar, and sent investors rushing to safe-haven assets.   With legal battles over Fed independence likely to drag on, expect continued volatility — and potentially more upside for gold — heading into September’s Fed meeting. Keep an eye on Friday’s PCE inflation data for the next major market catalyst.  Fed Independence Battle Heats Up  In an unprecedented move, President Trump announced he’s terminating Fed Governor Lisa Cook,