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Gold drops 3% as Fed's Warsh comments lift rate hike bets

On Friday, gold prices plummeted by more than three percent due to comments from Federal Reserve Chairman Kevin Warsh regarding inflation. As a result, traders heightened their expectations for a possible interest rate increase in September. Consequently, gold futures closed lower, retreating from their recent peaks, while a stronger dollar made gold less accessible to foreign investors.

29 Aug 2026 9:44 am