Gold rose in Asian trading as the dollar debasement trade continues to attract investor buying, according to ANZ Research analysts. Spot gold gained 0.5% to $4,617.78 a troy ounce.

The precious metal faces limited downside despite a U.S. inflation gauge remaining above the Federal Reserve’s target. This has raised market expectations of the central bank hiking rates by year-end, a scenario that typically weighs on nonyielding assets like gold.

Attention now turns to Fed Chairman Kevin Warsh’s speech at the annual Jackson Hole gathering later this week. The tone of his remarks could sway monetary-policy expectations, said Tony Sage of Critical Metals.