Gold futures in London traded at $4,597 per troy ounce on Thursday, little changed from the prior session, as the metal consolidated gains following a sharp monthly advance.
The price has held within a narrow range for three consecutive trading days after climbing roughly 13% since the start of August. Analysts cited the U.S. government’s unexpected proposal to expand Treasury purchases as a key driver of the rally. The plan aims to reduce borrowing costs by pushing down bond yields, making non-yielding gold more attractive to investors.
Market attention is turning to the annual central bank symposium in Jackson Hole, Wyoming, where U.S. Federal Reserve Governor Kevin Warsh is scheduled to speak on Friday. His remarks follow a period of tighter communication from Warsh during his early tenure as a Fed policymaker.
Analysts at DZ Bank noted that Warsh’s recent communication style suggests his Jackson Hole remarks are unlikely to provide explicit signals on the Fed’s future policy direction.
The metal’s recent strength has coincided with heightened geopolitical and macroeconomic uncertainty, though the latest consolidation reflects a pause in the prior surge.
