Commodities
Gold Prices Plummet as Warsh Warns of Potential Interest Rate Hikes
Gold prices hit a near two-week low on Monday after US Federal Reserve Chair Kevin Warsh signaled that interest rate hikes may be needed to contain inflation.
Spot gold fell 0.8% to $4,417.04 per ounce, its lowest since August 19, while US gold futures for December delivery declined 1.4% to $4,466.80.
The decline in gold prices was not limited to the precious metal alone, as spot silver fell 0.4% to $66.10 per ounce, platinum declined 1.3% to $1,797.03 and palladium slipped 2.5% to $1,386.96.
The drop in gold prices comes on the back of US Federal Reserve Chair Kevin Warsh's comments that interest rate hikes may be needed to contain inflation.