Gold Prices Plummet Over 3% as Investors Adjust Expectations Following Fed Chairman's Speech

Gold prices plummeted by more than 3% in the last trading session of the week, as investors adjusted their expectations following Fed Chairman Kevin Warsh's speech at the Jackson Hole seminar.

The sharp decline took place after Mr. Warsh emphasized that inflation has not decreased significantly and the Fed still has 'work to do,' according to independent analyst Mr. Tai Wong.

As of 4 am on August 29 Vietnam time, spot gold prices closed down 3.19% to $4,455.02 per ounce, while December gold futures fell 3.43%, to $4,504.10 per ounce.

The decline caused gold prices to move significantly away from the 3-month high set earlier this week, which was $4,696.18 per ounce on August 26.