Warsh's Jackson Hole Speech: Will Gold Prices Plummet Again?

America's gold market is on edge ahead of Friday's Jackson Hole keynote by Fed Chair Kevin Warsh. The last time he spoke, in January 2026, spot gold fell roughly 9% and silver futures had their worst day since March 1980.

The current prices for gold are near $4,588 an ounce, down about 0.1% on the day, while silver is near $68.03, off its intraday high of $69.63 it touched Wednesday.

Gold had rallied hard into this week's inflation data, which showed headline prices up 0.2% for July and annual inflation at 3.7%, above the Fed's 2% target. This lack of clear direction from the numbers has left traders cautious ahead of Warsh's speech, which could influence the market.

Warsh's tone is expected to be closely watched, with some predicting a neutral or dovish signal, while others expect hawkish language. A hawkish signal would push real yields and the dollar higher, making gold less attractive and putting pressure on its price.