Gold held steady on Friday as market participants awaited remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium, hoping for insights into the central bank’s future interest rate policies.
Spot gold was little changed at $4,603.91 per ounce by 0652 GMT. It touched a more than three-month high of $4,696.18 on Tuesday, following the US Treasury’s announcement of support measures for long-duration bonds.
US gold futures eased 0.1% to $4,657.10.
The case for Warsh to lean hawkish is greater than the case for him not to, and that could see gold retreat further from its cycle highs in the near term, said Matt Simpson, a senior analyst at StoneX.
“But I suspect any such dip will be viewed favourably by bulls who missed out on the first phase of the rally — and are keen to have another crack at $5,000,” he said.
Fed officials shared their concerns about the US inflation landscape on Thursday, as central bankers gathered in Jackson Hole. Their comments came a day after data showed that the Personal Consumption Expenditures price index, the Fed’s main inflation gauge, stood at 3.7% in the 12 months through July.
Fed Chair Warsh is scheduled to speak later in the day.
Traders see a roughly one third chance of a US rate hike in September and a 74.2% chance by December, according to the CME FedWatch tool.
Gold tends to lose appeal in a high interest rate environment as it offers no yield.
The yellow metal remains supported by improving participation in exchange-traded funds and futures, along with concerns over US fiscal credibility and continued official-sector buying, though risks of a consolidation persist, OCBC precious metals strategist Christopher Wong said in a note.
Gold discounts in India, meanwhile, plunged this week, as demand fell sharply on market speculation that the government could consider rolling back a recent hike in import duties.
Spot silver rose 1.3% to $70.13 per ounce, platinum was up 1.7% at $1,878.58 and palladium gained 2.1% to $1,379.50.
Published on August 28, 2026
