Gold reversed course and fell by more than 3% at one stage on Friday (August 28, 2026) after Federal Reserve chair Kevin Warsh’s comments on inflation prompted traders to increase bets on a US interest-rate rise.
Spot gold was down 2.9% at US$4,567.23 an ounce by 1.44pm US Eastern time (5.44pm GMT), its lowest level since August 20, Reuters reported.
US gold futures for December delivery settled 2.9% lower at US$4,529.9.
Bullion lost 2.9% over the week, retreating after reaching a more than three-month high of US$4,696.18 on Tuesday.
“Gold was hit hard after Chair Warsh stressed that inflation had not slowed meaningfully and that the Fed still ‘has work to do’,” independent metals trader Tai Wong said.
“It may still be more bark than bite, but it leaves the September meeting finely balanced.”
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