Gold Prices Fall Globally as Markets Await U.S. Fed Chair’s Speech - jordannews.jo

AI desk brief

Gold retreated as the market positioned for Fed Chair Kevin Warsh’s Jackson Hole remarks, with spot gold down 0.5% at $4,576.30/oz and U.S. futures off 0.8% at $4,629.00/oz. The pullback followed a strong run earlier in the week after Treasury announced measures to support long-term bonds, which had helped lift gold to a more-than-three-month high.

StoneX’s Matt Simpson said the case for Warsh to sound hawkish appeared stronger than the case for a less restrictive stance. CME FedWatch still shows sizable policy uncertainty, with traders pricing a 33.9% chance of a September hike and 74% by December. The rate backdrop remains the key driver: gold is still being treated as an inflation hedge, but higher rates and firmer real yields typically cap upside because the metal carries no yield.

Other precious metals softened as well, with silver down 1% to $68.54/oz, palladium down 0.8% to $1,339.84/oz, and platinum down 0.6% to $1,834.83/oz, the latter on track for a weekly loss. Near term, the market will focus on whether Jackson Hole reinforces a hawkish repricing in rates; a tougher Fed tone would likely pressure the whole complex, while any hint of policy easing or bond-market support could quickly re-ignite the recent rally.