Gold Prices Slip Below $4,600 as Investors Reduce Risk Ahead of Warsh Speech

Gold prices slipped below $4,600 on Friday as investors reduced risk ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Economic Policy Symposium.

The spot price for gold traded around $4,588 an ounce in later Asian dealings after falling to about $4,576 earlier. US futures were near $4,629. The metal is set for a small weekly decline after a powerful August rally driven by Treasury-market intervention, fiscal concerns and renewed investor inflows.

Markets are looking for clues on how the Fed will respond to inflation that remains well above target and whether July's decision to hold rates was a pause or simply a delay before another increase. OCBC strategist Christopher Wong told The Wall Street Journal that Jackson Hole could move the dollar, yields and precious metals.