2020.08.2510:45:00UTC+00Gold Drifts Lower As Focus Turns To Powell's Speech

Gold prices fell on Tuesday and the dollar slipped as investors awaited a Thursday speech from Federal Reserve chairman Jerome Powell for further cues on U.S. monetary policy.

Spot gold edged down 0.1 percent to $1,926.35 per ounce, while U.S. gold futures were down 0.3 percent at $1,933.20.

Impressive German data, positive news on the coronavirus front and signs of progress in U.S.-China trade negotiations also weighed on the metal's safe-haven appeal.

A favorable revision to second-quarter German GDP data and another increase in the Ifo Business Climate index helped ease investor concerns surrounding economic recovery.

U.S. biotechnology company Moderna, Inc. said it has concluded advanced exploratory talks to provide 80 million doses of its experimental coronavirus shot to the European Union.

The Office of the U.S. Trade Representative said in a statement that the U.S. and China are seeing progress and are committed to taking steps to ensure the success of their Phase 1 trade deal.