Gold drops ahead of Fed Chair speech
Gold prices declined today, Friday, amid investor anticipation of remarks from the U.S. Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium and concerns about the trajectory of U.S. interest rates. Spot gold fell by 0.3% to $1,583.32 per ounce, after reaching its highest level in over three months earlier. U.S. gold futures also decreased by 0.6% to $1,632.10, having gained nearly 14% during August. Other precious metals also saw declines, with silver down 1% to $24.54 per ounce, palladium dropping 0.8% to $1,339.84, and platinum decreasing 0.6% to $1,834.83, all recording weekly losses.
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