- Gold prices stabilized in Asian trading on Thursday, maintaining their upward momentum near record levels as attention turned to an upcoming speech by Federal Reserve Chair Jerome Powell, while key U.S. economic readings remained of interest.

- Metal markets were pressured by a rebound in the dollar, which surged from its lowest levels in over a year amid ongoing speculation about a larger rate cut by the Federal Reserve following last week’s 50 basis point reduction.

- Spot gold rose by 0.4% to $2,667 an ounce, while December futures settled at $2,690 an ounce. Spot prices briefly reached a record high of $2,670.52 on Wednesday.

- Powell’s speech comes after statements from Federal Reserve officials this week indicating their support for last week’s significant rate cut. However, they provided mixed signals on how the bank plans to reduce rates further.

- The central bank's 50 basis point cut marks the beginning of an easing cycle, with Citi analysts expecting a total reduction of 125 basis points by year-end. However, the Federal Reserve indicated a data-driven approach to further monetary easing.

- In this context, a revised reading on second-quarter GDP data is due on Thursday, along with weekly jobless claims data. Additionally, data on the Personal Consumption Expenditures (PCE) price index— the Fed’s preferred inflation gauge— is set to be released on Friday.

- Other precious metals also rose on Thursday. Palladium futures increased by 0.6% to $997.85 an ounce, while silver futures rose by 0.5% to $32.188 an ounce.

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