Gold Treads Water Ahead of Jackson Hole

The price of gold remained relatively stable in early Asian trading on August 28 as markets awaited US Federal Reserve chair Kevin Warsh's speech at the Jackson Hole symposium.

Spot gold was down 0.2% to $4,589.85 per ounce, while US gold futures fell 0.5% to $4,642.60.

Fed officials had expressed concerns about inflation on Thursday, citing the Personal Consumption Expenditures Price Index, which stood at 3.7% in the 12 months through July.

Despite this, traders saw a 35.4% chance of a US rate hike in September and a 74.6% chance by December, according to the CME FedWatch tool.