Gold Holds Steady Above $4,600 as Markets Eye Jackson Hole

Gold prices held steady above $4,600 an ounce as investors awaited signals from the Federal Reserve on US monetary policy at this week's Jackson Hole symposium.

The metal gained 0.6% to $4,619.54 an ounce by 7:38 a.m. in Singapore on August 26, according to Bloomberg, following a five-day rally that ended the previous session after strong inflation data showed prices running above the Fed's target.

The rise has been supported by a revival of the so-called debasement trade, fueled by concern over the US fiscal burden and a weaker dollar. Funds are also flowing into the gold market, with bullion climbing above its 200-day moving average and spot gold exchange-traded funds seeing inflows of more than 28 tons last week.

Investors are closely watching Fed Chair Kevin Warsh's Jackson Hole speech on August 28 for clues on the central bank's view of elevated inflation and interest rates. Silver, platinum, and palladium also advanced alongside gold.