Warsh's Jackson Hole Address: Gold Awaits Clarity on Interest Rate Policy

Gold prices remained stable near $4,600 per ounce on Friday as market participants awaited Federal Reserve Chair Kevin Warsh's highly anticipated remarks at the Jackson Hole economic symposium.

The precious metal had climbed to a three-month peak of approximately $4,700 earlier in the week due to U.S. fiscal concerns.

August has proven to be a remarkably bullish month for gold, with prices surging nearly 14% throughout the period, the strongest monthly advance since 1999.

This rally was supported by an unexpected U.S. Treasury initiative to bolster longer-duration bonds and a weakening U.S. dollar, as well as declining Treasury yields that diminished the opportunity cost associated with holding gold.