Gold Prices Hold Steady as Traders Wait for Warsh's Rate Hike Cues

Gold prices remain steady around $4,600 as traders wait for cues from US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium on Friday.

The current level of gold is near the weekly low it touched the previous day, but the downside seems limited due to traders' cautious approach.

The recent hot US inflation data, which showed a 3.7% increase in the Personal Consumption Expenditures (PCE) Price Index for July, has added weight to the expectation of at least one Fed rate hike by the end of this year.

However, despite hawkish Fed expectations, US bond yields remain depressed due to the US Treasury's buyback strategy and optimism over a potential US-Iran peace deal, which is supporting gold prices.