Gold Edges Up Ahead of Warsh's Jackson Hole Remarks
Gold prices rose slightly on Friday as investors awaited Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole symposium. Spot gold was up 0.1 percent at US$4,607.47 per ounce by 0839 GMT.
This comes after gold touched a more than three-month high of US$4,696.18 on Tuesday following the US Treasury's announcement of support measures for long-duration bonds.
Kyle Rodda, senior financial market analyst at Capital.com, said 'I think price action has been pretty constructive recently, and we're not seeing a great deal of movement because we're waiting for Warsh's speech at Jackson Hole.'
US Fed officials expressed concerns about the US inflation landscape on Thursday. Kansas City Fed President Jeffrey Schmid and Cleveland Fed President Beth Hammack reiterated their belief that the central bank needs to raise interest rates to curb inflation.