(Bloomberg) -- Gold fell slightly as traders lowered their bets on rate cuts ahead of the Federal Reserve’s symposium at Jackson Hole, as strong US manufacturing data added to policymakers’ concerns over inflation.

Bullion was trading around $3,330 an ounce in London, barely changed from the start of the week. A gauge of manufacturing activity on Thursday showed that factories are expanding at the fastest rate in more than three years on stronger demand. The money market is now pricing around a 73% change of a rate cut next month, down from above 90% a week ago.

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Fed Chair Jerome Powell is due to speak Friday at 10 a.m. New York time at the Wyoming symposium. Ahead of his talk, which will be closely monitored for clues on the central bank’s monetary path, Fed Bank of Cleveland president Beth Hammack said she wouldn’t support lowering rates if a decision were to be made tomorrow. Other officials speaking Wednesday and Thursday struck a similarly hawkish tone as inflation remains sticky.

Expectations of lower borrowing costs, along with geopolitical tensions and central bank-buying, sent gold to a record in April and it remains up by more than a quarter this year. The precious metal has been range-bound over the past few months but market watchers, including the wealth management unit of UBS Group AG, anticipate more upside.

Gold was down 0.2% at $3,331.29 an ounce as of 10:43 a.m. in London. The Bloomberg Dollar Spot Index was flat. Platinum and silver dipped, while palladium was up slightly.

--With assistance from Laura Avetisyan.

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