Gold Pulls Back Ahead of Kevin Warsh's Speech in Jackson Hole

• The precious metal is retreating from its highest levels in 15 weeks

• The US dollar is rising against a basket of global currencies

• Some Federal Reserve officials warn of inflation

• Continued expectations of US rate hikes before year-end

• According to the CME FedWatch tool, the probability of the Fed keeping rates unchanged at the September meeting is currently at 66%, while the probability of a 25 basis point rate hike is 34%.

Expectations for gold performance: FXNews predicts that if Warsh's comments are less aggressive than markets expect, the probability of US rate hikes this year will decline, which would favor a rise in gold prices again and a potential breakthrough of the $4,700 per ounce barrier for the first time since last May.

• The US dollar is rising against a basket of global currencies

• Markets await decisive evidence on the US rate path

• Reuters: ECB preparing to raise rates next month

• Increased odds of European rate hikes in September

• The Australian dollar is on track for a ninth consecutive weekly gain

• Persistent inflationary pressures at the Reserve Bank of Australia

• Higher odds of an Australian rate hike in September

• Markets await Kevin Warsh's speech in Jackson Hole

The technology-heavy Nasdaq index outperformed its peers at Thursday's close, after Nvidia's strong revenue outlook reinforced the AI boom and fueled gains in tech stocks.