Commodities
Gold Prices Whipsawed by Warsh Remarks at Jackson Hole
Global gold prices whipsawed at the start of the trading week following hawkish remarks by U.S. Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.
The precious metal initially dropped to around $4,439 per ounce before rebounding to the $4,471 area, exceeding a $30 trading range in a short span.
However, the recovery was short-lived as prices quickly fell back to around $4,445.9 per ounce by 8:00 a.m. on August 31 Vietnam time.
The sharp price swings reflect widespread uncertainty among investors, who are repricing the monetary policy outlook in response to Warsh's emphasis on returning inflation to 2% and leaving the door open for further rate hikes or even raising rates further.