Gold Takes a Hit After Warsh's Hawkish Comments

Gold's five-week winning streak came to an abrupt halt as prices ended the week near $4,500 an ounce following hawkish comments from Federal Reserve Chair Kevin Warsh.

Warsh reiterated the U.S. central bank's commitment to bringing inflation down to its 2% target in a speech at the Annual Central Bank Symposium in Jackson Hole, Wyoming.

Market analysts say that despite gold hitting a speed bump, there are 40 trillion reasons to remain bullish on the metal, citing fundamental factors such as fiscal concerns and economic uncertainty.