Gold Prices Dip Ahead of Jackson Hole as Warsh Speech Looms Large

Gold prices slipped on Friday as investors awaited Federal Reserve Chair Kevin Warsh's highly anticipated speech at the Jackson Hole symposium.

The spot gold price fell 0.5% to $4,576.30 per ounce by 0157 GMT after reaching a more than three-month high earlier in the week following the U.S. Treasury's announcement of support measures for long-duration bonds.

U.S. gold futures eased 0.8% to $4,629.00.

Matt Simpson, a senior analyst at StoneX, said that 'the case for Warsh to lean hawkish is greater than the case for him not to,' which could see gold retreat further from its cycle highs in the near term.

However, Simpson also noted that any dip in gold prices would be viewed favorably by bulls who missed out on the first phase of the rally and are eager to have another crack at $5,000.