Gold prices steadied on Monday after a sharp selloff on Friday, as investors weighed hawkish remarks from Federal Reserve Chair Kevin Warsh against broader market sentiment.
At 20:53 ET, spot gold was up 0.2% at $4,464.65 per ounce, paring some of Friday’s 3.2% decline—the largest single-day drop since early June. Gold futures fell 0.4% to $4,513.50. The metal remains about 10% higher for the month, on track for its strongest monthly gain since January, according to ANZ analysis.
Warsh’s comments at the Jackson Hole economic symposium reinforced expectations for tighter monetary policy. He stated that the Fed still has work to do to bring inflation back to its 2% target, prompting markets to price a roughly 57% probability of a September rate hike, up from earlier estimates. The U.S. dollar index eased 0.1% to 99.60, while Treasury yields declined after the U.S. Treasury unexpectedly increased purchases of longer-dated bonds earlier this month.
Silver rose 0.4% to $66.64 per ounce, and platinum gained 0.7% to $1,835.35. Copper futures were down 0.81% at $6.606. In energy markets, Brent crude climbed 2.06% to around $90.10 per barrel, while U.S. crude (WTI) increased 2.05% to $84.50. Natural gas futures fell 0.83% to $2.856.
Gold had rebounded sharply from a late-June low near $3,942, breaching the $4,000 threshold and driving a roughly 65% rally year-to-date. The metal’s recent volatility followed geopolitical tensions, including U.S. strikes on Iranian launchers on Larak Island and subsequent Iranian attacks on U.S. forces in Jordan.
