01.07.202623:58:49UTC+00Gold Finds Support After Warsh Remarks

Gold held above $4,000 an ounce on Thursday, stabilizing after having dropped to an eight-month low earlier in the week. The move came as Federal Reserve Chair Kevin Warsh noted that inflation expectations had eased over the past month, indicating there was no immediate need to raise interest rates, while reaffirming the central bank’s commitment to restoring price stability. Data released on Wednesday showed that private-sector hiring in the US slowed more than expected last month, and investors are now awaiting today’s nonfarm payrolls report for further insight into labor market conditions and the Fed’s policy outlook. Markets are still pricing in better than a 60% probability of a Fed rate hike in September. Gold also found support from increased oil shipments through the Strait of Hormuz and signs of progress in indirect US–Iran negotiations, which pushed oil prices lower and helped ease inflation concerns.