Gold holds above $4,600 before Warsh's Jackson Hole speech

Gold consolidated above $4,600 an ounce and rose as much as 0.7% before Fed Chair Kevin Warsh's first major speech as chairman on Friday. Gold recovered part of Wednesday's pullback. Bullion ended a five-day winning streak on Wednesday. A report showing inflation above the Federal Reserve's target raised rate-hike odds. The report lifted the dollar and bond yields. Gold remains up roughly 14% this month. The U.S. Treasury made an unexpected intervention in the bond market last week. The intervention revived interest in the debasement trade. Investors use hard assets to hedge against expanding deficits and a weaker dollar. The trade powered gold's record-breaking rally in 2025. The trade is driving gold's best month since 1999. Gold's rebound pushed it above its 200-day moving average. Traders watch that level as a signal of shifting momentum. Bullion-backed exchange-traded funds tracked by Bloomberg added more than 28 tonnes last week. That was the largest weekly increase since January. ETF inflows rebounded during the summer after a two-month outflow streak. The Jackson Hole symposium is the Kansas City Fed's annual gathering of central bankers. The symposium has historically hosted major policy pivots, including the Federal Reserve's hawkish shift in 2022. Traders are seeking clues about the Federal Reserve's inflation approach in Warsh's Friday speech. The speech gives Warsh an opportunity to respond to criticism that he has been guarded about his economic views. A hawkish tone from Warsh could lift real yields and the dollar. Higher real yields and a stronger dollar could pressure gold's price outlook. A dovish signal could extend the rally toward fresh multi-month highs.