Gold extended losses on Friday, trading around $3,330 per ounce in a narrow range as investors stayed cautious ahead of Fed Chair Jerome Powell’s remarks at Jackson Hole, expected to shed light on the U.S. policy outlook.

Fed officials on Thursday offered little support for a September rate cut, keeping market focus on Powell’s speech. While labor market data point to some cooling, inflation remains above target and at risk from tariff pressures. Traders are still pricing in a 75% chance of a quarter-point cut next month.

On the geopolitical front, hopes for a Russia-Ukraine peace deal faded after Moscow launched its largest drone and missile attack in over a month and accused Kyiv of rejecting the prospect of a “lasting and fair settlement.” For the week, gold is set to finish largely unchanged