Gold Edges Lower, Dips Below $4,600, All Eyes on Jackson Hole Symposium

Spot gold traded near $4,576.16568 during Friday's Asian session, edging lower intraday. After briefly breaking above the $4,600 mark to hit a three-month high, gold retreated from those levels as in-line U.S. inflation data reinforced expectations of further Federal Reserve rate hikes, prompting some long positions to take profits.

**Inflation Data Bolsters Rate-Hike Expectations, Firm Dollar Pressures Gold**

The latest U.S. inflation indicators largely met market expectations, failing to shake the Fed's stance on maintaining tight policy. Market signals show that interest rate futures pricing reflects increased trader bets on another Fed rate hike in the coming months. This expectation lent support to the dollar, in turn pressuring dollar-denominated gold. After the rally, gold lacked sustained buying follow-through, triggering a short-term technical pullback.

**Market Focus Shifts to Jackson Hole, Caution Prevails**

Investor attention is squarely turning to the upcoming Jackson Hole global central bank symposium. Markets widely anticipate remarks from Fed officials at the seminar for clearer clues on the future monetary policy path. Ahead of the key event, sentiment has turned cautious, with some funds stepping to the sidelines, capping gold's rebound momentum. Analysts note that hawkish signals from Fed officials could weigh further on gold, while any dovish hints might rekindle the metal's upward momentum.

**Safe-Haven Demand and Profit-Taking Intertwine, Gold Oscillates at Highs**

Despite short-term pressure, gold's safe-haven appeal has not fully faded. Geopolitical risks in the Middle East and uncertainties in global equity markets continue to provide underlying support for prices. However, after last week's strong rally, technical charts show a need for correction. Some analysts suggest that gold faces notable resistance above $4,600 and may enter a range-bound consolidation in the near term to digest prior gains and await fresh catalysts.