Gold Price Fends Off Rate-Hike Odds Ahead of Warsh's Jackson Hole Speech

The gold price has held above $4,600 an ounce as investors weigh the Federal Reserve's inflation stance ahead of this week's Jackson Hole symposium.

Despite a one-day setback on Wednesday, gold is still up roughly 14% this month, driven by the 'debasement trade', which involves buying hard assets to hedge against expanding deficits and a weaker dollar.

The US Treasury's unexpected bond market intervention last week revived interest in this trade, which powered bullion's record-breaking rally in 2025 and is now driving gold's best month since 1999.

Bullion-backed exchange-traded funds tracked by Bloomberg added more than 28 tonnes last week, the most since January.