City cautions on gold volatility before Warsh speech

According to Citibank, the recent surge in gold prices that exceeded the key technical resistance level was heavily driven by speculative flows, particularly through futures contracts, making it vulnerable to fluctuations ahead of Chairman Kevin Warsh's speech at the Jackson Hole conference. Analysis indicates that a weaker dollar and falling interest rates following actions by the U.S. Treasury contributed to the rebound, with the price stabilizing near $4,380 per ounce. However, it still depends on actual demand, which remains weak, especially in China and India. Expectations suggest that Warsh's hawkish stance could halt the rally, while a decline below $4,000 presents a buying opportunity, though there are risks from potential hawkish guidance.

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