Gold prices eased on Thursday as the dollar ticked up, while investors positioned themselves for Federal Reserve Chair Jerome Powell's speech for insights into the anticipated September rate cut.

Spot gold was down 0.2% at $2,507.32 per ounce, as of 1020 GMT, after hitting a record high of $2,531.60 on Tuesday, and U.S. gold futures slipped 0.2% to $2,543.40.

"The gold rally has been very quick and was supported by expectation of a very dovish Federal Reserve and a strong depreciation of the U.S. dollar...I would expect a consolidation pause which can be between $2,450 and $2,500," said Kinesis Money market analyst Carlo Alberto De Casa.

Gold prices have rallied more than 20% so far this year on safe-haven demand and hopes that the Fed will begin cutting interest rates in September.

"After reaching new all-time highs, the market appears to be getting comfortable above $2500. The immediate path largely depends on Fed policy signals from Jackson Hole later this week; some near-term consolidation cannot be ruled out," said precious metals strategists at UBS.

Market are now awaiting U.S. initial jobless claims data, due at 1230 GMT, and Fed Chair Jerome Powell's comments on Friday at the Jackson Hole Economic Symposium.

The dollar index recovered some ground after touching its lowest since late December on Wednesday, with minutes from the Fed's July 30-31 meeting showing officials were strongly inclined toward a rate cut next month.

"The summer slowdown in Chinese gold consumption amid a potential moderation in official sector purchases for second half of 2024 puts greater emphasis on gold ETF buying activity to buttress the price path to $3,000/oz into mid-2025," Citi said in a note.

Spot silver shed 0.1% to $29.60 per ounce, platinum edged 0.4% lower to $959.66 and palladium rose 0.3% to $954.24.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Varun H K)