Federal Reserve Chair Jerome Powell's speech at the Jackson Hole conference on Friday comes amid the labor market showing signs of weakness and inflation ticking higher due to tariffs.

Gold was steady on Thursday as investors awaited cues on the Federal Reserve's policy outlook ahead of the annual economic symposium at Jackson Hole in Wyoming, which starts later in the day.

Arone said that he thinks the biggest shift will center around that topic, and that investors should also pay attention to language around the balance of risks in regards to the Fed's dual mandate of...