Gold slips 0.3% to $4,644.49 in Singapore after 5-day rally
Gold prices slipped 0.3% to $4,644.49 per ounce in Singapore, ending a five-day rally where gold jumped nearly 7%.
The surge was sparked by the US Treasury stepping into the bond market to manage rising debt costs, making gold a go-to safe haven again and pushing it above its key 200-day average.
Investors await Kevin Warsh speech
Investors are watching for clues from the Federal Reserve ahead of Chair Kevin Warsh's big speech at Jackson Hole this Friday, which is expected to address inflation worries.
Boston Fed President Susan Collins has signaled rates could stay put if inflation keeps dropping toward 2%.
Meanwhile, easing inflation fears led to lower Treasury yields and oil prices dropped as Iran-Oman talks hinted at less tension near the Strait of Hormuz.
Plus, investors are waiting for the US Personal Consumption Expenditure Index due Wednesday, which could give further clues on the temperature of the American economy.