Gold little changed near $4,590 as Warsh Jackson Hole speech eyed
Gold was little changed around $4,590 an ounce Thursday after a one-week high decline, as investors awaited fresh Fed policy signals from Federal Reserve Chair Kevin Warsh at Jackson Hole on Friday.
Gold was little changed around $4,590 an ounce on Thursday after posting its biggest one-day percentage decline in a week, as investors awaited fresh policy signals from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium on Friday.
Despite slightly hotter US inflation data, concerns over global debt continue to support demand for the precious metal.
Gold reached a more than three-month high earlier this week, with the latest rally fueled by renewed concerns over dollar debasement following the US Treasury's decision to increase buybacks of older, long-dated bonds.
Investors are looking to Warsh's debut Jackson Hole speech for clues on the Fed's approach to bringing inflation back to target.
Data on Wednesday showed the PCE price index rose 3.7% year-on-year in July, slightly above expectations.
Markets now see a 38% chance of a September rate hike, while the probability of a hike by December remains above 70%, according to the CME FedWatch Tool.