Spot gold fell 0.5% to $4,576.30 per ounce by 0157 GMT on Aug. 28 as investors awaited remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. U.S. gold futures eased 0.8% to $4,629.00. Gold had reached a more than three-month high earlier in the week after the U.S. Treasury announced support measures for long-duration bonds. Fed officials voiced concerns about the U.S. inflation outlook, while the Personal Consumption Expenditures price index, the Federal Reserve’s main inflation gauge, stood at 3.7% in the 12 months through July. Traders saw a 33.9% chance of a U.S. rate hike in September and a 74% chance by December, according to the CME FedWatch tool. StoneX senior analyst Matt Simpson said the case for Warsh to take a hawkish stance was stronger than the case against it, potentially driving gold lower from its cycle highs in the near term. He added that such a decline could attract buyers who missed the first phase of the rally and are targeting $5,000. Gold remains supported by improving participation in exchange-traded funds and futures, concerns about U.S. fiscal credibility and continued official-sector buying, but OCBC precious metals strategist Christopher Wong said consolidation risks persist. Silver fell 1% to $68.54 per ounce, palladium declined 0.8% to $1,339.84 and platinum dropped 0.6% to $1,834.83, putting it on track for a weekly loss. Wong remained constructive on silver but said a stronger move higher likely requires renewed weakness in yields and the U.S. dollar, as well as a decisive break above the $70.60-$72 resistance area.