Gold Price Forecast: Gold/USD Holds Above $4,600 as Markets Focus on Fed's Waller Speech

Gold prices held steady near $4,600 on Friday, with thin trading during the session. Earlier this week, gold rose to a near three-month high of $4,659.92 but encountered resistance at that level and pulled back slightly, currently holding above the $4,600 round figure.

**Weak Dollar and Safe-Haven Demand Support Gold Prices**

The primary driver of gold's recent strength stems from continued dollar weakness and concerns over U.S. fiscal conditions. The U.S. Treasury's unexpected expansion of its Treasury buyback program earlier this week raised doubts about the dollar's long-term purchasing power, prompting capital inflows into hard assets such as precious metals. According to market reports, gold-backed ETFs saw net inflows exceeding 28 tonnes last week, the highest since January this year, indicating that institutional allocation demand is recovering.

**Jackson Hole Symposium Takes Center Stage**

Market attention is currently fixed on Federal Reserve Chair Waller's speech at the Jackson Hole Symposium, an event historically serving as a key platform for global central banks to signal policy direction. U.S. inflation data released earlier this week came in above the Fed's target, briefly fueling rate hike expectations and lifting the dollar, interrupting gold's consecutive rally. Therefore, Waller's remarks on the inflation outlook and rate path will be a key variable determining gold's next directional move. If he delivers a dovish signal, gold could regain upward momentum; otherwise, it may face further pullback pressure.

**Technical Levels Focus on Upside Resistance**

On the technical front, after gold broke above $4,600, that level has now turned into short-term support. Upside resistance lies near the previous high of $4,659.92, with further targets pointing to the $4,773.53 and $4,800 regions. However, with key policy signals pending, market sentiment remains cautious, and gold may continue to consolidate within the current range in the near term.