Warsh Comments Spark Gold Price Plunge Amid Escalating Tensions

Gold prices plummeted to their lowest level in nearly two weeks on Monday following comments from Federal Reserve Chairman Kevin Warsh. According to Reuters, spot gold fell by 0.8 percent to $4,417.04 per ounce, its lowest point since August 19.

The decline comes after prices dropped more than 3 percent on Friday. Other precious metals also suffered losses, with spot silver falling by 0.4 percent to $66.10 and platinum declining 1.3 percent to $1,797.03.

Palladium was the hardest hit, dropping 2.5 percent to $1,386.96 per ounce. The decline in gold prices is attributed to Warsh's statement that raising interest rates might be necessary to ease price pressures.