Gold climbs toward $4,620 as Fed outlook assessed ahead of Jackson Hole
Gold rose to around $4,620 an ounce on Thursday, recovering prior losses as investors weighed US PCE inflation above the Fed target and awaited Fed Chair Kevin Warsh’s Jackson Hole speech.
Gold climbed to around $4,620 an ounce on Thursday, recovering some of the previous session’s losses as investors continued to weigh the outlook for Federal Reserve monetary policy ahead of a key meeting next month.
Data released Wednesday showed US PCE prices rose more than expected in July and remained well above the Fed’s target, supporting a bullish outlook on interest rates.
Investors now turn to Fed Chair Kevin Warsh’s speech at the annual Jackson Hole symposium on Friday, although he is not expected to offer clear guidance on the central bank’s September policy decision.
Meanwhile, gold hovered near its highest level in three months as the so-called debasement trade continued to provide support, with investors hedging against risks of a US debt crisis and a weaker dollar.