Gold Price Holds Above $4,600 Ahead of Warsh's Jackson Hole Speech

The gold price consolidated above $4,600 an ounce, rising as much as 0.7% and recovering part of Wednesday's pullback. Investors are weighing the Federal Reserve's inflation stance ahead of the Jackson Hole symposium this week.

Bullion snapped a five-day winning streak on Wednesday. However, a report showing inflation above the Fed's target raised rate-hike odds, lifting the dollar and bond yields.

Debasement Trade Drives August Gold Price Rally

Gold is still up roughly 14% this month despite the one-day setback. The US Treasury made an unexpected bond market intervention last week.

That move revived interest in the "debasement trade." Investors buy hard assets to hedge against expanding deficits and a weaker dollar.

The same trade powered bullion's record-breaking rally in 2025. It is now driving gold's best month since 1999.

Gold's rebound has also pushed it above its 200-day moving average, a signal of shifting momentum that traders watch closely.

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