Gold consolidated after a five-day rally, with investors turning their focus to the Federal Reserve’s interest-rate path ahead of the annual Jackson Hole gathering this week. Bullion edged down to near $4,650 an ounce, pulling back from a three-month high struck in the previous session. The metal has still gained about 7% over the last week, supported by the US Treasury’s unexpected intervention in the bond market.

Traders are closely monitoring central bank signals as inflation data and policy outlook remain key drivers for precious metals. The upcoming Jackson Hole symposium is expected to shape near-term market sentiment, with gold’s trajectory hinging on whether the Fed signals further tightening or a pause in rate hikes.