Commodities
Gold Edges Higher Amid Dollar Debasement Fears, Warsh's Remarks Awaited
Gold prices rose on Thursday as investors remained wary of currency debasement concerns and U.S. budget deficits.
The price of spot gold increased by 0.8% to $4,630.09 per ounce, while U.S. gold futures rose 0.7% to $4,685.50.
Senior market analyst Kelvin Wong at OANDA said that the dollar-debasement narrative and concerns over the U.S. budget deficit remain supportive of gold in the medium term.
The upcoming remarks from U.S. Federal Reserve Chair Kevin Warsh at the annual Jackson Hole symposium are expected to provide further direction, with markets assigning a 36.5% probability to a September rate hike and a 72.7% chance by December.