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Gold prices advanced on Thursday, moving closer to the $4,650-per-ounce level as investors assessed persistent U.S. inflation and awaited Federal Reserve Chair Kevin Warsh’s closely watched speech at the Jackson Hole symposium.
Spot gold rose 0.7% to $4,625.83 an ounce at 21:45 ET (01:45 GMT), while U.S. gold futures gained 0.6% to $4,680.50. Silver climbed 1.9% to $69.41 an ounce, and platinum added 1% to $1,854.30. The U.S. Dollar Index was broadly unchanged at 99.12.
The rebound followed a 1.4% decline on Wednesday, which ended gold’s five-session winning streak. Selling pressure emerged after U.S. inflation figures reinforced concerns that price growth remains stubbornly above the Federal Reserve’s 2% target.
The Personal Consumption Expenditures price index increased 3.7% year-over-year in July, unchanged from June and slightly above economists’ forecast of 3.6%. The figures strengthened the dollar and pushed Treasury yields higher, typically negative developments for non-yielding gold.
Traders also increased expectations for a September Fed rate hike. Markets now see roughly a 40% probability of at least a 25-basis-point increase, compared with around 36% before the inflation report.
Other economic figures showed continued resilience. Second-quarter U.S. GDP growth was unchanged at 1.5%, while personal income increased 0.4% in July and consumer spending remained flat.
Attention now turns to Warsh’s Friday address at Jackson Hole, his first major speech since becoming Fed chair. Markets will be looking for clues about the Federal Reserve’s interest rate outlook and its response to persistent inflation.
Despite higher rate expectations, gold continues to benefit from strong safe-haven and debasement demand. ANZ analysts said concerns surrounding U.S. fiscal policy, government borrowing and Treasury intervention are supporting investor interest in the precious metal.
Gold remains roughly 14% higher this month and above its 200-day moving average. Strong gold ETF inflows, central bank purchases and concerns over U.S. fiscal sustainability are also providing longer-term support for bullion prices.
