Warsh's Remarks Lift Gold Prices Ahead of Jackson Hole Symposium

Gold prices rose on Thursday as markets awaited remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole Symposium. The symposium will be held today and tomorrow, providing clues on the outlook for monetary policy in the coming period.

The core Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, remained at 3.3% in July, well above the Federal Reserve's 2% target. This has raised concerns about inflation and its impact on the US economy.

Kelvin Wong, senior market analyst at OANDA, stated that concerns over the weakening US dollar and worries about the US budget deficit continue to support gold prices over the medium term.