Gold Prices Unchanged Ahead of Kevin Warsh's Jackson Hole Speech

Gold prices held above $4,600 per ounce on Thursday as investors awaited Federal Reserve Chair Kevin Warsh's keynote speech at Jackson Hole. The metal remained near a three-month high after rebounding from higher inflation data earlier in the week.

The price of spot gold rose about 0.2% to $4,599.57, while US futures traded near $4,652.70. This comes as gold has surged by around 14% in August, driven by concerns over government borrowing, the dollar, and Treasury-market intervention.

Gold's rally has coincided with strength across scarce assets, including Bitcoin. The move is attributed to falling long-term yields and dollar weakness, which has revived the so-called debasement trade. Expanded Treasury bond buybacks have also intensified debate over the longer-term consequences of rising US debt.

The market will be watching Warsh's speech on Friday for clarity on how aggressively he intends to tackle inflation. A hawkish message could lift real yields and the dollar, putting pressure on gold. On the other hand, a less aggressive stance could reinforce the debasement narrative and potentially push gold towards its next technical focus at $4,700.