Gold Rebounds Above $4,600 as Dollar Softens Ahead of Jackson Hole

Gold prices rebounded in Asian trading on Thursday as the dollar softened ahead of the Jackson Hole global central bank symposium. The US Dollar Index, which tracks the greenback against six major currencies, slipped 0.06%.

The spot price of gold climbed $30.68, or 0.67%, to $4,621.75 per ounce, reversing Wednesday's 1.4% slump. This pullback was triggered by data showing US inflation remained above the Federal Reserve's target, raising the likelihood of further rate hikes.

Despite this, gold has gained approximately 14% this month, with the US Treasury Department's surprise move last week to double the size of its long-term bond buyback operations reigniting interest in the 'debasement trade.'