Gold drops more than 1% after Fed’s Kevin Warsh signals potential rate hikes; India price at ₹1,56,780 per 10 gm
AI Market Summary
Gold fell over 1% after Fed Chair Kevin Warsh signaled rate hikes may be needed to curb still-elevated inflation, lifting real-rate expectations and the dollar's appeal. A small downward revision to US nonfarm payrolls did not offset the hawkish message, reinforcing that price stability is the dominant policy concern. The move reverses recent gains after a three-month high and tightens near-term conditions for bullion.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT-3.13%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Gold prices fell more than 1% on August 28 after U.S. Federal Reserve Chair Kevin Warsh suggested the central bank could raise interest rates to curb inflation. Spot gold was down 0.8% at $4,563.05 an ounce, according to Reuters. In India, gold slipped to ₹1,56,780 per 10 grams, down 1.77%. The decline followed a three-month high earlier in the week that was driven by optimism after the U.S. Treasury’s support for long-term bonds.
