Gold steady as investors await speech by Fed's Warsh for policy outlook
GLD•Other precious metals
Spot silver XAG= gained 0.4% to $68.34, platinum XPT= fell 0.3% to $1,824.18 and palladium XPD= lost 0.8% to $1,318.50.
Gold holds steady ahead of Jackson Hole speech
Gold prices were steady on Thursday, as markets weighed the prospect of fresh policy signals from Federal Reserve Chair Kevin Warsh at the annual Jackson Hole symposium on Friday.
Spot gold XAU= was little changed at $4,590.21 per ounce by 1107 GMT, after settling 1.4% lower on Wednesday in its biggest one-day decline in a week. U.S. gold futures GCcv1 fell 0.2% to $4,643.20.
"Investors appear to be in wait-and-see mode ahead of Kevin Warsh's speech at Jackson Hole," said Hamad Hussain, a climate and commodities economist at Capital Economics.
Recent rally driven by dollar-debasement concerns
Gold prices hit an over three-month high earlier this week, with the recent rally driven by renewed dollar-debasement concerns following the U.S. Treasury's move last week to ramp up buybacks of older long-dated bonds.
Markets are looking out for remarks from Warsh at the annual Jackson Hole symposium in Wyoming on Friday, with investors hoping the Fed chair will use his debut speech to fully explain his roadmap for returning inflation to the Fed's target and what he sees as the bond market's role in that strategy.
"If Warsh delivers a repeat performance of his press conference following the most recent FOMC meeting — where his remarks were vague and arguably counterproductive — that could reignite fears surrounding debasement and support gold prices," Hussain said.
