Gold Holds Below $4,000 Ahead of Fed Chair Kevin Warsh's Remarks

Gold (XAU/USD) remained below the US$4,000 level during Wednesday's European session, extending recent losses after touching its lowest level since November 2025 earlier this week. A firmer US Dollar and expectations surrounding US monetary policy continued to influence sentiment across precious metals markets.

Geopolitical developments also remained in focus. US envoys Jared Kushner and Steve Witkoff traveled to Qatar for discussions related to an initial ceasefire framework involving Iran. However, Iranian officials said no meeting with US representatives had been scheduled, leaving uncertainty over the diplomatic outlook. Market participants also continued to monitor developments surrounding shipping routes through the Strait of Hormuz and their potential implications for global energy markets and inflation.

US economic data released on Tuesday supported expectations that the Federal Reserve could maintain a restrictive policy stance while assessing incoming data. The Job Openings and Labor Turnover Survey (JOLTS) showed job openings increased to 7.594 million in May, while the Conference Board's Consumer Confidence Index rose to 91.2 in June from 90.6 in the previous month. Cleveland Federal Reserve President Beth Hammack also said additional policy tightening could be considered if inflation remains elevated. According to CME FedWatch, market pricing continues to reflect expectations for the Federal Reserve's policy outlook.

Market attention now turns to remarks from Federal Reserve Chair Kevin Warsh at the European Central Bank's forum in Sintra, alongside Wednesday's ADP Employment Change report and the ISM Manufacturing PMI. Investors will also monitor Thursday's US Nonfarm Payrolls report for additional indications of the outlook for the US economy and monetary policy.

From a technical perspective, gold remained below its 100-period simple moving average on the four-hour chart, while market participants continued to monitor key support and resistance levels alongside incoming economic data to assess near-term price direction.