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Gold prices moved lower on Friday and were heading for a weekly decline as investors turned cautious ahead of Federal Reserve Chair Kevin Warsh’s closely watched Jackson Hole speech for fresh signals on U.S. interest rates.
Spot gold fell 0.4% to $4,584.30 an ounce by 22:58 ET (02:58 GMT), while U.S. gold futures declined 0.6% to $4,638.41.
The precious metal climbed to a three-month high near $4,700 an ounce earlier this week. Concerns surrounding U.S. fiscal policy, combined with Treasury measures aimed at supporting longer-dated bonds, had boosted demand for safe-haven assets.
However, gold was on course to lose around 0.4% for the week, potentially ending a three-week winning streak. Investors have become more cautious before Warsh delivers his first major Jackson Hole address as Fed chair at 10 a.m. ET (1400 GMT) on Friday.
Markets will scrutinize his comments for indications about inflation and the Federal Reserve’s future monetary policy. Recent economic data have complicated expectations for interest rates after the personal consumption expenditures price index, the Fed’s preferred inflation measure, increased 3.7% year-over-year in July.
According to the CME FedWatch tool, traders are pricing in a 34% probability of a Fed rate hike in September and a 74% chance of an increase by December.
Higher interest rates typically pressure gold prices because bullion does not generate interest, making yield-bearing assets comparatively more attractive. Gold has recently benefited from declining bond yields and a weaker U.S. dollar, which lower the opportunity cost of holding the metal.
Despite Friday’s decline, gold remains up more than 13% in August, highlighting strong demand during the month.
Elsewhere in precious metals, silver slipped 0.4% to $69.02 an ounce, while platinum declined 0.3% to $1,884.00 an ounce.
Copper prices moved slightly higher. Benchmark London Metal Exchange copper futures gained 0.2% to $14,319.15 per ton, while U.S. copper futures rose 0.2% to $6.60 per pound.
