Gold Tumbles Amid Hawkish Powell and US-Iran Escalation

Gold prices plummeted to a two-week low on September 1, trading around $4,443 per ounce, due to hawkish remarks by Federal Reserve Chair Powell at the Jackson Hole symposium and escalating U.S.-Iran tensions.

The sharp rise in oil prices intensified inflation concerns and elevated expectations for rate hikes, with U.S. crude oil rising to $86.36 per barrel.

Market sentiment was pressured by renewed airstrikes between the U.S. and Iran, driving up bond yields and pushing investors to continue digesting Powell's hawkish remarks.