Gold Rebounds Above $4,600 as Traders Await Fed Chief Warsh's Jackson Hole Speech
Gold prices rebounded above $4,600 an ounce on Thursday, recovering most of Wednesday's losses ahead of Federal Reserve Chair Kevin Warsh's first major policy speech at the Jackson Hole symposium on Friday.
The precious metal started the day at $4,605 and touched $4,643 during the session. Spot gold traded at $4,619 an ounce, up from an intraday low of $4,600.
Investors have increasingly embraced the debasement trade, a strategy of rotating into scarce assets like gold as a hedge against the erosion of the dollar's purchasing power.
The narrative gained traction after the US Treasury's bond market intervention last week, which involved buybacks of longer-dated government debt and pushed yields lower. Gold-backed exchange-traded funds absorbed more than 28 tons of inflows last week, the largest weekly increase since January.