Gold Stabilizes as Markets Eye US Rate Hike Probability

Gold prices stabilized on Thursday after falling over one percent in the previous session.

The metal rose 0.5% to $4,615.27 an ounce as of 0032 GMT, with US gold futures also gaining 0.4% to $4,669.50.

This follows data showing that US inflation remained elevated at 2% above the Federal Reserve's target for the 65th consecutive month.

Markets are pricing in a 36.5% probability of a US rate hike in September and a 72.7% chance by December, according to the CME FedWatch Tool.

Fed Chair Kevin Warsh is set to speak at the Jackson Hole symposium on Friday, where he may shed more light on the central bank's stance on interest rates.