Gold Price Flat Ahead of Fed Speech at Jackson Hole

The gold price ended the day virtually unchanged due to investor caution ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium.

Spot gold declined by just 0.02% to $4,600.07 per ounce as traders held off on making large bets in anticipation of the central bank's policy path.

Fawad Razaqzada, a market analyst at Forex.com, said that ahead of Warsh's remarks, 'traders are not willing to build any large positions, which kind of explains why markets haven't really moved that much in recent times.'

The comments by Kansas City Fed President Jeffrey Schmid and Cleveland Fed President Beth Hammack on the need for interest rate hikes to curb inflation further weighed on gold prices.