Gold Holds Steady as Investors Await Fed Chairman's Speech
Gold prices held steady near $4,600 an ounce as investors waited for cues from US Federal Reserve chairman Kevin Warsh's speech at the Jackson Hole symposium. The event is a key opportunity for policymakers to address inflation concerns and provide clarity on their rate-hike path.
Economists and central bank officials are divided over whether to raise interest rates in the coming months, which could impact gold prices. Two central bank officials urged their peers to act soon to cool price pressures, while US Fed Bank of Boston president Susan Collins said there is evidence that rates are 'mildly restrictive'.
Despite this uncertainty, gold has been on a strong run, with its largest monthly gain since 1999 in sight. The metal's rebound has been supported by broad investor participation, including central banks and bullion-backed exchange-traded funds.