Warsh Hawks Gold Prices to Lowest Since August 19

Gold prices hit their lowest in nearly two weeks on Monday after U.S. Federal Reserve Chair Kevin Warsh signaled that interest rate hikes may be necessary to combat inflation.

The precious metal fell by 0.7% to $44,423.84 per ounce at 0204 GMT, marking its lowest point since August 19. This decline represents a more than 3% drop from the previous Friday's prices.

Warsh's hawkish stance on inflation has contributed to gold's downturn, as investors become increasingly wary of potential rate hikes that could reduce demand for the commodity.