(Bloomberg) -- Gold held a small decline ahead of a key address by Federal Reserve Chair Jerome Powell later this week, which may give fresh clues on the central bank’s monetary path.

Bullion traded at around $3,315 an ounce early in Asia, holding a 0.5% decline from the previous session after the latest efforts to halt the Russia-Ukraine war impacted haven demand. Attention is turning to Powell’s annual address at Jackson Hole, Wyoming, on Friday, amid strong expectations the Fed will cut borrowing costs by a quarter point next month. Lower rates are beneficial for gold as it doesn’t pay interest.

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The Fed’s monetary easing path has been complicated by a hotter-than-expected inflation print last week that caused some traders to dial back rate-cut expectations. Balancing that is pressure from President Donald Trump to implement hefty reductions, despite Powell’s concern about his tariff agenda potentially ramping up price pressures.

Gold has gained more than one quarter this year, with central bank buying, inflows to exchange-traded funds and geopolitical tensions providing support, along with concerns about the impact of tariffs on the global economy. Though it’s traded in a relatively tight range for months, analysts have widely expected further gains on expectations for rate cuts and further de-dollarization.

Spot gold was steady at $3,314.89 an ounce as of 8:28 a.m. Singapore time. The Bloomberg Dollar Spot Index edged up 0.1%. Silver, palladium and platinum were all flat.

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