Gold prices consolidated in early Asian trade, with investors balancing easing geopolitical tensions against expectations for U.S. monetary policy.

Commerzbank Research’s Carsten Fritsch said in a note that a possible meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky could reduce geopolitical risk premiums, likely pressuring gold.

At the same time, markets are awaiting Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium for signals on a potential rate cut in September.

Spot gold was little changed at $3,315.93 per ounce.