Gold remains at $1,750 despite Fed concerns, while China's stimulus has little effect on copper

Thursday copper prices remained unmoved by China's latest stimulus package.

Spot gold remained stable near $1,752 per ounce at 20:31 ET, while gold futures rose 0.2% to $1,765.0 per ounce (00:31 GMT).

Gold prices have climbed moderately over the past two days as the dollar index has retreated from a near two-decade high. Ahead of Fed Chair Jerome Powell's Friday speech at the Jackson Hole Symposium, traders are hesitant to buy further in gold.

Thursday saw little change in the dollar's value.

Investors expect the Fed Chair will maintain the bank's hawkish stance, limiting the possibility that the Fed will halt its rate of interest rate hikes.

61% of market participants predict that the Federal Reserve will raise interest rates by 75 basis points in September in an effort to decrease inflation from its 40-year peak.

The Fed's commitment to its course of policy tightening has been boosted by the hawkish statements of some Fed members. Four times this year, the central bank has increased interest rates.

This has precipitously dropped gold prices, wiping out any gains made during the beginning of the crisis between Russia and Ukraine. Due to its greater dividends, the dollar was a more alluring wager than gold.

Other precious metal prices were also generally down on Thursday.

Copper prices rose among industrial metals, but a new round of Chinese stimulus appeared to offer little assistance.

Copper futures per pound rose 0.1% to $3.6433.

As a result of COVID-19 lockdowns, a persistent heatwave, and a likely power shortfall, China announced on Wednesday a stimulus package amounting to around 1% of its GDP.

Given that China is the world's largest copper importer, the weakness of China's industrial sector has had a substantial impact on copper prices in 2018. In addition to decreasing the country's economic prospects, it is projected that a worsening housing market crisis will have negative effects.

Nonetheless, copper saw some support this week as the People's Bank of China once again reduced interest rates to stimulate economic growth.