The cost of gold per ounce on Wednesday morning was slightly below $1,760; an ounce, traders continue to wait for signals from the U.S. Federal Reserve (Fed), trading data shows. 

The price of December gold futures on the Comex New York exchange was down $2.1, or 0.12%, to $1,759.1 a troy ounce. September silver futures went down by 0.34% to $18,962 an ounce.

Gold today halted last week’s decline from more than $1,800 and settled at $1,750 to $1,760 in anticipation of Fed Chairman Jerome Powell’s speech at the Jackson Hole conference. Markets are expecting to get hints from the head of the regulator on further monetary policy, as well as an assessment on the economic situation and outlook.

Senior economist at Goldman Sachs Group Inc. Jan Hatzius, quoted by Bloomberg agency, expects Powell to speak out in favor of a slower rate hike.

According to the CME Group, analysts expect with equal probability a 50 basis point and 75 basis point rate hike at the central bank meeting in September. The increase could be the fifth in a row amid high U.S. inflation. Gold is sensitive to signals from the Fed, as this is reflected in the dollar, which in turn affects the value of the precious metal.

Earlier we reported that the price of copper was going down on the strengthening dollar.