Prices of the most valuable precious metal moved deeper into the red on Friday, sinking 3%, after the latest remarks by Federal Reserve Chair Kevin Warsh signaled a possible interest rate hike in September.
Warsh warned that inflation has been elevated for too long and warned that the Fed "will have work to do" if underlying inflation does not move closer to the central bank’s target in the short term. In addition, Federal Reserve Bank of Chicago President Austan Goolsbee underlined that several months of "benign" inflation readings do not mean the central bank is "out of the woods," warning that underlying price pressures may persist beyond temporary supply shocks.
Gold tumbled 3% to $4,463.57 per ounce at 2:11 pm ET. AT the same time, silver plummeted 3.83% to $66.62 per ounce.
https://breakingthenews.net/Article/Gold-continues-to-lose-ground-down-3/67007274
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