Gold struggles as Powell's remarks dampen hopes for September rate cut

Core Viewpoint - The article discusses the impact of Federal Reserve Chair Jerome Powell's statements on market expectations regarding interest rate cuts, particularly in September, which has led to a decline in gold prices [1][2]. Group 1: Interest Rate Outlook - Powell's comments have dampened hopes for a rate cut in September, influencing market sentiment [1][2]. - The anticipation of no immediate rate cuts may lead to a stronger dollar, further affecting commodity prices [1]. Group 2: Gold Market Reaction - Following Powell's remarks, gold prices have experienced a notable decline, reflecting investor sentiment shifting away from gold as a safe haven [1][2]. - The net weight of gold traded has shown a decrease, indicating reduced demand in the market [1][2].