Gold falls over 3% to $4,567.23 after Kevin Warsh's comments
Business
Gold just had a rough Friday. Prices dropped over 3% after Federal Reserve Chairman Kevin Warsh suggested more interest rate hikes could be on the way if inflation doesn't cool down.
That comment got traders buzzing about a September hike, sending gold to $4,567.23 per ounce, its lowest since August 20.
US gold futures slide to $4,529.90
US gold futures also slid to $4,529.90, wiping out gains from earlier in the week when gold hit a three-month high.
The US dollar jumped too, making gold pricier for buyers overseas.
Meanwhile, silver fell 3.5%, but palladium actually went up by 5.3%.
All eyes are now on the Fed's next move, with chances of another rate hike this year looking much higher than before.