Economic TimesLean R·
Gold drops 3% as Fed's Warsh comments lift rate hike bets
Gold prices reversed course and fell over 3% on Friday, as traders increased bets on an interest rate hike after Federal Reserve Chairman Kevin Warsh's remarks on curbing inflationary pressure.Spot gold was down 2.9% at $4,567.23 per ounce by 01:44 p.m. EDT (1744 GMT), its lowest level since August 20. U.S. gold futures for December delivery settled 2.9% lower at $4,529.9.Bullion has fallen 2.9% this week after today's decline, pulling back from the more than three-month high of $4,696.1…
Read at Economic Times →
