Gold prices rose on Thursday, recouping some of the losses—which exceeded 1%—incurred during the previous trading session.
This comes as investors await remarks from Federal Reserve Chairman Kevin Warsh regarding the future of monetary policy.
Spot gold prices rose 0.5%, reaching $4,615.27 per ounce by 00:32 GMT.
Similarly, U.S. gold futures rose 0.4% to $4,669.50.
The precious metal had declined on Wednesday after data showed that U.S. inflation remained at high levels.
Annual inflation in July unexpectedly held above the central bank’s 2% target
This marks the 65th consecutive month.
Consequently, discussions within the Federal Reserve are intensifying over whether to raise interest rates or keep them unchanged.
According to the “FedWatch” tool, markets expect a 36.5% probability of a rate hike in September, while that probability rises to 72.7% by December.
Investors are awaiting Warsh’s upcoming remarks this Friday at the Jackson Hole symposium.
In search of new clues. Tensions between the United States and Iran are also supporting demand for safe-haven assets.
As for other metals, silver rose 1% to $68.77.
Platinum rose 0.7% to $1,842.88, while palladium climbed 0.3% to $1,332.34.
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