Gold drops 3% as Fed's Warsh comments lift rate hike bets
· economictimes.indiatimes.com
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.
Synopsis
On Friday, gold prices plummeted by more than three percent due to comments from Federal Reserve Chairman Kevin Warsh regarding inflation. As a result...