Gold Prices Sink on Fed Chief's Inflation Warning

The price of gold plummeted on Friday following Fed Chairman Kevin Warsh's comments about inflation at the Jackson Hole Economic Policy Symposium.

Warsh signaled that additional monetary policy steps may be needed if inflation does not fall to the target level, stating 'While this summer's personal consumption expenditures and consumer prices index readings were better than expected, they do not tell me that underlying trends have meaningfully improved.'

The gold price per ounce dropped 3.18% on a daily basis, falling to $4,454.

Silver also lost ground, declining by 4.2% to $66.3 per ounce.