Gold Prices Dip Ahead of Jackson Hole Symposium

Gold prices have resumed their decline after reaching a 15-week high of $4,697 earlier in the week. Despite the strong start to September, traders are taking profits and waiting for the Jackson Hole Symposium, where Federal Reserve Chairman Kevin Warsh will speak on monetary policy.

The market is pricing in a roughly 65% probability that the Fed will keep interest rates on hold at its upcoming meeting on September 16-17. The Commerce Department reported a 0.2% increase in the US core Personal Consumption Expenditures Price Index for July, with an annual inflation rate of 3.7%. This data suggests that the Fed may not raise interest rates next month.

Gold's price is currently trading at $4,579.57, holding a clear bullish bias as it stands above its moving averages. However, any reaction to Warsh's speech could be short-lived, as attention would quickly turn to next week's US Nonfarm Payrolls data.