Gold ?prices ticked up on Friday, with investors looking out for Federal Reserve Chair Kevin Warsh’s remarks at ?the Jackson Hole symposium ?later in the day ?to gauge the central bank’s future monetary policy.
Spot gold was up 0.1% at $4,607.47 U.S. per ounce first thing Friday. It touched a more than three-month high of $4,696.18 on Tuesday, following ?the ?U.S. Treasury’s announcement of support measures for long-duration bonds.
U.S. ?gold futures were little changed at $4,661.20.
Fed officials shared their concerns about the U.S. inflation landscape on Thursday, as central bankers ?gathered in Jackson Hole. Kansas City Fed President Jeffrey Schmid and Cleveland Fed President Beth Hammack reiterated their belief that the central bank needs to raise interest rates to help curb inflation.
The policymakers spoke a day ?after data showed that the Personal Consumption Expenditures Price Index, the central bank’s main inflation gauge, ?stood at 3.7% in the 12 months through July.
Traders see ?a 34% chance of a U.S. rate hike in September and a 74.2% chance by December. Fed Chair Warsh was scheduled to speak at ?around 10:00 a.m. EDT
Gold tends to lose appeal in a high interest ?rate environment as it offers no yield.
