Gold Prices Slide Ahead of Warsh's Jackson Hole Speech

Gold prices fell on Friday as investors awaited Federal Reserve Chair Kevin Warsh's speech at the annual Jackson Hole Economic Symposium. The yellow metal declined 0.65% to $4,571.73 an ounce, further away from its 15-week high of $4,696.79.

The drop in gold prices was partly due to a stronger US dollar, which rose 0.1% on Friday and is trading near a one-week high against a basket of major and minor currencies.

Markets are expecting the Federal Reserve to raise interest rates before the end of this year to counter inflation risks in the United States. Several Fed officials expressed concerns about US inflation, indicating that they remain open to raising interest rates.