Commodities
Warsh Speech Triggers Gold Price Drop Ahead of $5,000 Target
Gold prices dropped on Friday as investors remained cautious ahead of Federal Reserve Chair Kevin Warsh's remarks at the Jackson Hole symposium. Spot gold fell 0.5% to $4,576.30 per ounce by 0157 GMT after reaching a more than three-month high earlier in the week.
US gold futures also declined 0.8% to $4,629.00. According to StoneX senior analyst Matt Simpson, the likelihood of Warsh taking a hawkish stance appears greater than the possibility of a dovish tone. He said such comments could put further pressure on gold in the short term.
However, Simpson noted that any decline could attract buyers who missed the initial rally and are looking for another opportunity to push gold toward the $5,000 level.