Gold prices held steady on Friday as investors refrained from taking any big bets ahead of U.S. Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path.

Spot gold was steady at $3,337.12 per ounce, as of 0042 GMT. U.S. gold futures for December delivery were unchanged at $3,380.30.

The U.S. dollar index hovered near a one-week high and was set for a weekly gain, making gold less attractive to overseas buyers.

Fed officials appeared lukewarm on Thursday to the idea of a rate cut next month as investors geared up for Powell’s speech, due at 1400 GMT on Friday.

The market is waiting to see if his speech offers any clarity on whether the central bank will cut rates at its September 16-17 meeting.

Futures markets indicate a 75% chance of a quarter-point rate reduction next month, according to CME’s FedWatch tool.

U.S. jobless claims rose last week by the most in nearly three months, while unemployment claims in the prior week hit a near four-year high, signaling recent labor market softness continued into August.

The challenge for Fed policymakers is that even as there have been signs of labor market weakening, inflation remains above the central bank’s 2% target and could well go higher due to the Trump administration’s aggressive hiking of tariffs on imports.

On the geopolitical front, Russian President Vladimir Putin is demanding that Ukraine give up all of the eastern Donbas region, renounce ambitions to join NATO, remain neutral and keep Western troops out of the country, three sources familiar with top-level Kremlin thinking told Reuters.

Elsewhere, spot silver was down 0.2% to $38.08 per ounce, platinum fell 0.4% to $1,347.50 and palladium held steady at $1,111.07.