Gold stabilized on Tuesday as investors awaited the Jackson Hole conference held by the Federal Reserve later this week, seeking signs of potential interest rate cuts and assessing Washington’s efforts to end the war in Ukraine.

The spot gold price rose 0.2% to $3337.06 per ounce by 04:11 GMT. U.S. December gold futures increased 0.1% to $3380.70.

Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole symposium, held from August 21 to 23, may clarify the central bank’s economic outlook and policy framework.

Kyle Rodda, a financial markets analyst at Capital.com, said, “Gold remains stable, eagerly awaiting a new catalyst for a rise. I think the most important event to watch is Jackson Hole and whether the Fed will provide cautious guidance.”

Market participants currently assign an 84% probability to a 25 basis point rate cut at the Fed’s next meeting, according to CME Group’s FedWatch tool.

Gold typically performs well in low interest rate environments and amid rising uncertainty.

The minutes of the Federal Reserve’s July meeting, due Wednesday, are expected to provide further policy clues.

On Monday, U.S. President Donald Trump informed Ukrainian President Volodymyr Zelenskiy that Washington would help ensure Ukraine’s security in any potential agreement to end the Russian war there. Trump described his meeting with Zelenskiy as “very good” and said on social media that he contacted Russian President Vladimir Putin and began arranging a meeting between them.

Trump hosted Zelenskiy and a group of European allies days after his meeting with Putin in Alaska, which ended without agreement.

UBS raised its gold price target for the end of March 2026 by $100 to $3600 amid ongoing U.S. macroeconomic risks, declining dollar usage, and strong investment demand.

In other markets, spot silver fell 0.2% to $37.93 per ounce, platinum rose 0.4% to $1328.20, and palladium lost 0.9% to $1112.50.