Gold Prices Plummet Amid Warsh's Inflation Warning

Gold prices hit their lowest point in nearly two weeks on Monday, following comments from US Federal Reserve Chair Kevin Warsh. He signaled that interest rate hikes may be needed to contain inflation.

The spot gold price fell 0.8 percent to $4,417.04 per ounce by 0406 GMT, marking its weakest level since August 19th. US gold futures declined 1.4 percent to $4,466.80.

Others metals also saw losses, with spot silver falling 0.4 percent to $66.10, platinum declining 1.3 percent to $1,797.03 and palladium slipping 2.5 percent to $1,386.96.