Warsh's Hawkish Comments Send Gold Below $4,450

Gold prices slipped below $4,450 on Tuesday after Federal Reserve Governor Kevin Warsh delivered hawkish remarks that increased expectations of further interest rate hikes.

The comments from Warsh were seen as a pivot to a more aggressive monetary policy stance, catching many investors off guard.

'Warsh's language suggests that the Fed is not done with its fight against inflation,' said Michael Hartnett, chief investment strategist at Bank of America. 'That changes the calculus for gold, which typically suffers when real yields rise.'

The U.S. dollar index rose 0.4% against a basket of major currencies, making gold more expensive for overseas buyers.