09/01/2026
Gold investors had a rough Friday. After Fed Chair Kevin Warsh's first major speech at Jackson Hole, spot gold fell roughly 3% in a single session.
The reason: Warsh made clear he doesn't think the inflation fight is finished, and that put a September rate hike back on the table. In response, traders raised their odds of a hike from 36% to 62%, Treasury yields moved higher, and the U.S. dollar had its biggest daily gain in about two and a half months...all factors that put short-term pressure on gold.
Does this mean gold's bigger story has changed? Not necessarily. Interest rates are just one of several forces driving the metal. Inflation, the dollar, central-bank demand, and geopolitical risk all matter too.
Read our full breakdown of what Warsh said and what it could mean for your portfolio:
Gold dropped roughly 3% after Kevin Warsh's Jackson Hole speech revived rate-hike bets. Here's what his comments could mean for gold.