Gold slips as Fed chief Warsh's Jackson Hole speech looms

Gold remains supported by improving participation in exchange-traded funds and futures, along with concerns over U.S. fiscal credibility and continued official-sector buying, though risks of a consolidation persist, OCBC precious metals strategist Christopher Wong said in a note.

"We remain constructive (on silver), though a cleaner extension higher likely requires renewed weakness in yields, U.S. dollar and a decisive break above the $70.60-$72 resistance area," he said.

Spot silver XAG= fell 1% to $68.54 per ounce and palladium XPD= declined 0.8% to $1,339.84. Platinum XPT= was down 0.6% at $1,834.83, on track for a weekly loss.

Gold slipped on Friday as market participants awaited closely watched remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.

Spot gold XAU= fell 0.5% to $4,576.30 per ounce by 0157 GMT after hitting a more than three-month high earlier this week following the U.S. Treasury's announcement of support measures for long-duration bonds. U.S. gold futures GCcv1 eased 0.8% to $4,629.00.

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.

Fed officials shared their concerns about the U.S. inflation landscape on Thursday, as central bankers gathered in Jackson Hole. Their comments came a day after data showed that the Personal Consumption Expenditures price index, the Fed's main inflation gauge, stood at 3.7% in the 12 months through July.

Fed Chair Warsh is scheduled to speak later in the day.