Gold Retreats as Markets Await Warsh's Hawkish Clues

The gold price traded around $4,580 in the Asian session on August 28, retreating from its earlier high of nearly $4,700.

U.S. inflation remaining high and several Federal Reserve officials releasing hawkish signals at Jackson Hole symposium caused gold prices to trim long positions ahead of Fed Chair Kevin Warsh's speech.

The market is awaiting Warsh's keynote address at 10:00 a.m. Eastern Time on August 28, which could provide clues about September rate policy and the Fed's future policy framework.

Headline PCE rose 3.7% year-over-year in July, exceeding market expectations of 3.6%, while core PCE remained around 3.3%. The US dollar and US Treasury yields temporarily surged after the release, applying pressure on gold.