Gold edges higher ahead of Powell's speech, but set for weekly fall
Aug 23 (Reuters) -Gold prices inched higher on Friday, but were set for a weekly loss as investors looked forward to U.S. Federal Reserve Chair Jerome Powell's speech at Jackson Hole, Wyoming, for more cues on the scale of a likely September rate cut.
FUNDAMENTALS
* Spot gold XAU= rose 0.2% to $2,488.59 per ounce by 0036 GMT. Bullion, which hit an all-time high on Tuesday, has fallen nearly 1% so far this week.
* U.S. gold futures GCcv1 gained 0.29% to $2,524.00.
* Bullion fell more than 1% on Thursday after the dollar index .DXY rebounded from a multi-month low and benchmark U.S. 10-year yields US10YT=RR rose. A stronger dollar and higher yields reduce gold's appeal by making it less attractive to holders of other currencies.
* Data on Thursday showed that the number of Americans filing new applications for unemployment benefits rose in the latest week, but the level still suggested a gradual cooling of the labour market remains intact.
* Traders have fully priced in Fed easing next month, with a 76% chance of a 25-basis-point cut, according to CME FedWatch tool. A low interest rate environment tends to boost non-yielding bullion's appeal.
* Fed policymakers voiced support for starting rate cuts next month as inflation has eased and the labour market is showing signs of cooling, though one signalled he is in no rush to ease policy.
* Traders will now focus on Powell's comments at the Kansas City Fed's Jackson Hole, Wyoming, symposium later in the day.
* SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.13% on Thursday. GOL/ETF
* Spot silver XAG= edged 0.4% higher to $29.10 per ounce, platinum XPT= gained 0.6% to $949.70 and palladium XPD= fell 0.4% to $929.14.
DATA/EVENTS (GMT)
0645 France Business Climate Mfg August
0645 France Business Climate Overall August
1400 US New Home Sales-Units July
Reporting by Daksh Grover in Bengaluru; Editing by Subhranshu Sahu
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