Gold Tops $4,700 For First Time Since May: Hansen Sees Fresh Technical Demand Ahead Of Warsh’s Jackson Hole Debut

• Gold futures have gained 6.7% since the U.S. Treasury announced plans to at least double its buybacks of longer-dated securities last week.
• Investors will look for clearer guidance on how the central bank will tackle inflation at Kevin Warsh’s keynote this week.
• Data from the CME FedWatch tool shows that the odds of a rate hike during the Federal Open Market Committee meeting in September stood at 38.4%.

Gold prices extended their rally on Monday, with December futures climbing to their highest level in over three months as investors sought protection against a weaker dollar ahead of Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote speech and fresh inflation data later this week.

Gold futures for December 2026 deliveries climbed as high as $4,716.41 per ounce, their highest since May 14, and were on track for a fifth straight session of gains. Gold futures have gained 6.7% since the U.S. Treasury announced plans to at least double its buybacks of longer-dated securities.

Spot gold rose 0.7% to $4,647.24 per ounce.

Meanwhile, silver moved in the opposite direction, with December silver futures trading near $69.8, down roughly 0.8%.  

Gold Breaks Above $4,700 As Technical Demand Builds 

Saxo Bank commodity strategist Ole Hansen said the Treasury’s intervention continued to reverberate across markets, raising the possibility of further dollar weakness while strengthening “debasement trades” amid concerns about U.S. fiscal sustainability.

Hansen added that spot gold’s move back above its 200-day moving average (200-DMA) was attracting fresh technical and momentum-driven demand.

“Traders and investors will be focusing on the dollar, US Treasury yields and, not least, the upcoming Jackson Hole symposium, where Fed Chair Kevin Warsh is due to deliver his first keynote address on Friday, 28 August,” Hansen added.

Warsh’s Jackson Hole Debut In Focus

Investors are now looking to Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote on Friday for clearer guidance on how the central bank will tackle inflation.

In an appearance on Face The Nation on Sunday, Minneapolis Fed President Neel Kashkari, one of three officials who supported a rate increase in July, expressed concerns over inflation but did not say whether he would support another rate hike in September.

As of Monday, data from the CME FedWatch tool shows the odds of a rate hike at the Federal Open Market Committee (FOMC) meeting in September stood at 38.4%, slightly up from 36.1% a week earlier.

Investors will also be watching July CPI data, which will be released on Wednesday.

Meanwhile, SPDR Gold Shares ETF (GLD) gained around 0.6%, while retail sentiment on Stocktwits trended in the ‘bullish’ zone over the past 2 hours.

Miners, Barrick Mining (B), and Newmont (NEM) traded around 0.6% higher in pre-market.

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