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Commodities

Gold Crashes on Warsh Inflation Warning

Guavy AI Editorial Team
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Gold
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Gold prices plummeted on Friday, August 28, after Federal Reserve Chair Kevin Warsh's comments sparked bets of an interest-rate rise in September. The price of spot gold fell by 2.9% to $4,567.23 an ounce at 1:44 pm US Eastern time (5:44 pm GMT), marking its lowest level since August 20. US gold futures for December delivery also settled 2.9% lower at $4,529.9.

Bullion prices had reached a three-month high of $4,696.18 on Tuesday but retreated after Warsh's comments. Independent metals trader Tai Wong attributed the decline to Warsh's statement that inflation has not slowed meaningfully and that the Fed still 'has work to do.'

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