On Wednesday, gold closed the third straight day in negative territory as the FOMC minutes were a dud. Strategists at TD Securities believe that the Jackson Hole symposium next week could dent demand for the yellow metal as Fed Chair Powell may push back against market pricing for rate cuts.

Chair Powell's remarks at the Jackson Hole symposium next week will be key

“Markets are still pricing in 47% odds of a 75 bps hike in September and a 3.67% terminal rate, which is only marginally less than pre-minutes, as the dated minutes provided little additional information for markets to digest.” 

“Jackson Hole could provide a platform for the Fed to push back against market pricing for rate cuts, which should sap investment appetite for gold and silver.”

“At the same time, as commodity demand continues to slide, silver markets are particularly vulnerable, given little exposure to the rise in supply risk premia that has been supporting industrial metals.”