Gold and metals

Gold falls 0.8 percent to lowest level in nearly two weeks

Spot gold fell to $4,417.04 an ounce, pressured by Kevin Warsh's indication that interest rates may need to rise to ease price pressures.

Published: August 31, 2026

Listen to this article

An automatically generated audio version.

0:00

Gold falls 0.8 percent to lowest level in nearly two weeks

Spot gold fell 0.8 percent to $4,417.04 an ounce by 04:06 GMT on Monday, August 31, its weakest level since August 19, according to the Emirates News Agency (WAM).

The decline came after Kevin Warsh, described in the report as chairman of the Federal Reserve, the U.S. central bank, indicated that higher interest rates may be necessary to ease price pressures.

Futures fall 1.4 percent

Gold prices had fallen more than three percent on Friday, while U.S. gold futures declined 1.4 percent to $4,466.80.

Other precious metals decline

Spot silver fell 0.4 percent to $66.10, platinum declined 1.3 percent to $1,797.03, and palladium fell 2.5 percent to $1,386.96.

Assets and currencies in this story

Read this story in another language

President Abdel Fattah El-Sisi said in remarks at the opening of the El Alamein Africa Business Forum that the current global energy crisis is affecting and putting pressure on African countries because of higher fuel and fertilizer prices, disruptions to supply and shipping chains, and other repercussions.

Iranian goods in Iraq: Available alternatives, but replacement costs challenge markets

Iranian products are widespread in Iraqi markets, supported by their lower prices and geographic proximity. Traders and consumers say that quickly replacing them with Iraqi, Turkish and Arab goods could raise costs, despite the availability of local alternatives and imports from other countries.

Slowing U.S. hiring cuts odds of October rate hike to 25%

A slowdown in U.S. job growth to 29,000, versus expectations for 90,000, strengthened the Federal Reserve's inclination to hold rates at its Oct. 27-28 meeting. Investors cut the probability of a rate hike at that meeting to 25% and increasingly bet on a move in December.