Gold prices down over 3% after Fed's Warsh's inflation remarks

The price of gold saw a strong decline on Friday following an upward trend during August after the Fed Chairman Kevin Warsh's statements focused on inflation.

Speaking at the Jackson Hole Economic Policy Symposium, Fed Chairman Warsh signaled that additional monetary policy steps may be needed if inflation does not fall to the target level.

He said: “While this summer's personal consumption expenditures and consumer prices index readings were better than expected, they do not tell me that underlying trends have meaningfully improved.”

The price of gold per ounce dropped to $4,454, down 3.18% on a daily basis.

Silver also lost 4.2% to $66.3 per ounce.