Gold holds steady as Fed chief Warsh's Jackson Hole speech looms
GLD•Other precious metals gain
Spot silver XAG= rose 1.3% to $70.13 per ounce, platinum XPT= was up 1.7% at $1,878.58 and palladium XPD= gained 2.1% to $1,379.50.
Gold waits for Warsh's Jackson Hole remarks
Gold held steady on Friday as market participants awaited remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium, hoping for insights into the central bank's future interest rate policies.
Spot gold XAU= was little changed at $4,603.91 per ounce by 0652 GMT. It touched a more than three-month high of $4,696.18 on Tuesday, following the U.S. Treasury's announcement of support measures for long-duration bonds.
U.S. gold futures GCcv1 eased 0.1% to $4,657.10.
The case for Warsh to lean hawkish is greater than the case for him not to, and that could see gold retreat further from its cycle highs in the near term, said Matt Simpson, a senior analyst at StoneX.
"But I suspect any such dip will be viewed favourably by bulls who missed out on the first phase of the rally -- and are keen to have another crack at $5,000," he said.
