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Gold steadied near $4 600 an ounce, as investors weighed the outlook for US interest rates ahead of a key speech by Federal Reserve Chairman Kevin Warsh.<\/p>\n
The precious metal was headed for the biggest monthly gain this century after advancing almost 14% in August. The latest rally was accelerated by the US Treasury\u2019s surprise intervention in the bond market, which revived interest in the so-called debasement trade that helped power gold\u2019s record-breaking rally last year. Bullion held on to those gains on Friday, after erasing a dip from earlier in the session at the opening of trading in London.<\/p>\n<\/p>\n
Investors will be seeking clues to the Fed\u2019s approach to inflation when Warsh makes his first major speech as chairman later on Friday. High interest rates are a headwind for non-yielding gold.<\/p>\n
The much-anticipated address at the central bank\u2019s annual Jackson Hole symposium offers Warsh an opportunity to counter criticism that he hasn\u2019t been forthright with his views on the economy.<\/p>\n
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The event is \u201cone of the few opportunities Warsh has to directly shape the narrative and calm market sentiment,\u201d said Justin Lin, an analyst from Global X ETFs, adding that investors are likely to be cautious ahead of the speech.<\/p>\n
Economists and policymakers are divided over the need to hike rates in the coming months. Though Fed officials kept borrowing costs unchanged in July, three dissented in favour of a quarter-point hike.<\/p>\n
At Jackson Hole on Thursday, two central bank officials said Fed policy was not restraining the US economy at a time when inflation continues to run above a 2% target, urging their peers to act soon to cool price pressures. But Fed Bank of Boston President Susan Collins said there\u2019s evidence that rates are \u201cmildly restrictive.\u201d<\/p>\n
Gold\u2019s marked rebound is supported by a broad range of investor participation, which has helped the metal to hold above the 200-day moving average that\u2019s seen as a key technical support level. Bullion-backed exchange-traded funds tracked by Bloomberg added more than 28 tons last week, the most since January, followed by a further 20 tons so far this week. Central banks have also stepped up purchases.<\/p>\n
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Treasury efforts to contain long-term borrowing costs could push investors out of steepeners and back into gold., Citigroup Inc strategist Dirk Willer said on a podcast this week.<\/p>\n
Steepeners \u2014 bets that the gap between short- and long-term Treasury yields will widen \u2014 had remained one of the few surviving expressions of the debasement trade after investors cut bets on higher gold and a weaker dollar, Willer said.<\/p>\n
\u201cWith that action at the back end, steepeners is probably not the right trade to express those fears,\u201d Willer said. \u201cAnd so, we would expect investors to reduce steepeners and instead buy gold back and short the dollar again.\u201d<\/p>\n
Spot gold rose\u00a00.1%\u00a0to $4 606.04\u00a0an ounce at 10:55 a.m. in London. Silver rose\u00a01.8%\u00a0to $70.50\u00a0an ounce. Platinum and palladium also gained. The Bloomberg Dollar Spot Index, a gauge of the US dollar, was steady.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Gold #steadies #investors #focus #Warshs #Jackson #Hole #speech<\/p>\n","protected":false},"excerpt":{"rendered":"
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