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Gold prices fell on Thursday, retreating from all-time highs hit earlier this week, as the US dollar ticked up ahead of US jobs data and the Federal Reserve chief’s speech that could offer further insights into the interest rate outlook.

Spot gold fell 0.5% to $2,500.65 per ounce, as of 0243 GMT, trading below a record high of $2,531.60 hit on Tuesday.

US gold futures eased 0.4% to $2,537.10. The market has been fluctuating with minor gains and losses recently, indicating a phase of consolidation, said Ilya Spivak, head of global macro, Tastylive.

“The minutes from the (Fed) meeting in July, you get the sense that the Fed is ready to cut rates… the Fed must now start to cut or else it will over tighten and end up hurting the economy unduly.”

The dollar index was up 0.2% after touching its lowest level since late December on Wednesday, following minutes from the Fed’s July 30-31 meeting that showed officials were strongly inclined toward a rate cut next month.

Traders have fully priced in easing by the Fed at the September meeting, with a 62% chance of a 25 basis point (bps) cut, according to CME FedWatch tool.

A low interest rate environment tends to boost non-yielding bullion’s appeal.

Investors are now awaiting the Jackson Hole Economic Symposium starting Thursday, with Fed Chair Jerome Powell set to speak on Friday.

The market will also be looking for initial jobless claims data, due at 1230 GMT.

Gold price hits fresh record high of Rs261,000 per tola in Pakistan

Gold could receive another boost if the jobless data softens further after recent downward revisions to payroll figures, said City Index senior analyst Matt Simpson.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell for a second straight session on Wednesday.

Among other metals, spot silver shed 0.9% to $29.37 per ounce, platinum fell 0.41% to $959.76 and palladium was down 0.3% at $948.55.

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