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Commodities

Gold Prices Plummet on Fed Chair's Rate Hike Warning

Guavy AI Editorial Team
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Gold
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Gold prices dropped to near a two-week low on August 31st as US Federal Reserve Chair Kevin Warsh signaled that interest rate hikes may be needed to combat inflation.

The price of spot gold fell 0.7% to $44,423.84 per ounce, hitting its lowest since August 19th.

US gold futures for December delivery declined 1.3% to $4,472.90.

Tim Waterer, chief market analyst at KCM Trade, attributed the decline in gold prices to Warsh's hawkish tone at the Jackson Hole economic symposium in Wyoming.

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