Gold Prices Plummet Amid US Interest Rate Hike Fears

Gold prices have hit their lowest level in nearly two weeks due to a potential interest rate hike by the US Federal Reserve. According to the latest market data, spot gold fell 0.8% to $4,417.04 per ounce on August 31st. This decline is attributed to comments made by US Federal Reserve Chair Kevin Warsh, who suggested that interest rate hikes may be necessary to control inflation.

These comments have led to a decrease in gold prices, with spot silver also falling 0.4% to $66.10 per ounce and platinum declining 1.3% to $1,797.03. Palladium slipped 2.5% to $1,386.96 as well.

The current price of gold is its lowest since August 19th. US gold futures for December delivery have also declined by 1.4% to $4,466.80.