Gold fell below $4,600 per ounce in early Tuesday trading as investors reduced risk ahead of the Federal Reserve Bank of Kansas City’s annual Jackson Hole Symposium. Spot gold was around $4,585, down about 0.4% from the previous close, following a rally that pushed prices to record highs earlier this month. Profit-taking and a firmer U.S. dollar contributed to the decline, while traders assessed shifting expectations for Federal Reserve policy and priced a higher probability of a rate cut in September. Fed Chair Jerome Powell is scheduled to speak Friday, and markets will examine his comments for clues about the timing and scale of future cuts. Higher interest rates tend to pressure gold because the metal does not pay interest, while expectations for lower rates can support demand. A dovish message could revive bullion’s rally, whereas a hawkish tone could prompt further losses. Geopolitical tensions and central-bank buying remain longer-term supports, but prices may stay rangebound until the Fed’s policy outlook becomes clearer.