Gold Treads Water Ahead of Warsh's Jackson Hole Speech

Gold prices remained steady in early Asian trading on Friday as investors awaited the highly anticipated speech of U.S. Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.

The spot price of gold was down 0.2% to $4,589.85 per ounce at 0041 GMT, while U.S. gold futures fell 0.5% to $4,642.60.

Fed officials expressed ongoing concerns about the U.S. inflation landscape on Thursday, citing the Personal Consumption Expenditures Price Index, which stood at 3.7% in the 12 months through July.

Traders see a 35.4% chance of a U.S. rate hike in September and a 74.6% chance by December, according to the CME FedWatch Tool.