Gold Price Stabilizes Above $4,600 Ahead of Warsh's Jackson Hole Speech
The gold price has stabilized above $4,600 an ounce, recovering some losses from Wednesday's pullback. Investors are cautious ahead of Jackson Hole symposium this week, where Chairman Kevin Warsh will deliver his first major speech as Fed chairman.
A report showed inflation exceeding the Federal Reserve's target, leading to a higher rate-hike odds and lifting the dollar and bond yields. However, the 'debasement trade' is still driving gold's rally, with investors 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 fueling its best month since 1999. Gold has also regained above its 200-day moving average, a key signal of shifting momentum for traders.