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Commodities

Gold Slumps on Warsh's Hawkish Stance and Escalating Middle East Tensions

Guavy AI Editorial Team
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Gold
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Gold prices hit a near two-week low on Thursday after Federal Reserve Chair Kevin Warsh hinted at potential interest rate hikes to combat inflation.

The price of spot gold fell 0.8% to $4,417.04 per ounce, its lowest since August 19.

US gold futures also declined by 1.4% to $4,466.80, with markets predicting a 60% chance of a Fed rate hike this month.

KCM Trade chief market analyst Tim Waterer attributed the decline to Warsh's hawkish tone at Jackson Hole and the escalating Middle East tensions that have fueled inflation fears.

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