Gold Holds Above $4,600 as Investors Weigh Fed Rate Path

Gold prices consolidated above $4,600 an ounce on Thursday as investors weighed the US Federal Reserve's approach to stubborn inflation ahead of the annual Jackson Hole gathering. The precious metal rose by up to 0.7% after a previous session decline.

The Fed's efforts to control the cost of the US debt pile have revived interest in the debasement trade, which helped power gold's record-breaking rally in 2025. This has led to investors buying gold as a hedge against runaway budget deficits and a weaker US dollar.

Gold's recent rebound has taken it above its 200-day moving average, an important measure of momentum. Bullion-backed exchange-traded funds tracked by Bloomberg added over 28 tonnes last week, the most since January.