Gold Hits $4,700 as Markets Brace for Inflation Data and Fed Speech

Gold prices surged past $4,700 per troy ounce on Tuesday, as investors positioned themselves ahead of two major events: the release of key U.S. inflation figures and a highly anticipated speech by Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium. The metal’s rally reflects growing market anxiety over the direction of interest rates, with traders seeking safe-haven assets amid uncertainty. The inflation data, due out later this week, is expected to offer fresh clues on whether price pressures are cooling enough for the Fed to pause its tightening cycle. Warsh’s remarks, scheduled for Friday, are seen as pivotal in shaping expectations for the central bank’s next move. Analysts note that gold, which yields no interest, typically benefits when investors believe rate hikes may slow. However, a stronger-than-expected inflation reading could prompt the Fed to keep rates higher for longer, potentially capping further gains. For now, the precious metal remains firmly in the spotlight as global markets hold their breath.