Gold 
Jaiveer Shekhawat
“Gold prices fell on Friday after Federal Reserve Chair Kevin Warsh signalled that persistent inflation could require interest rates to stay higher for longer, putting pressure on the non-yielding metal after its recent rally to a more than three-month high.
Spot gold fell 0.8& to 4,560.37 an ounce by 10:11 ET (14:11 GMT), while U.S. Gold Futures fell 0.2% to $4,655.41.
Bullion had hit a three-month high near $4,700/oz earlier this week, when concerns over U.S. fiscal policy and moves by the Treasury to support longer-dated bonds helped fuel demand for the precious metal.
Still, the yellow metal was set for a marginal weekly fall after three consecutive weeks of gains.
Recent data have complicated the outlook for monetary easing. The personal consumption expenditures price index, the Fed’s preferred inflation gauge, rose 3.7% in the year through July, adding to bets the central bank could hike rates this year.
Markets are pricing a 34% chance of a rate hike in September and a 74% probability of a hike by December, according to the CME FedWatch tool.
Higher interest rates tend to weigh on gold because the non-yielding asset becomes less attractive compared with interest-bearing investments.
Gold has recently benefited from lower yields and a softer dollar, which reduce the opportunity cost of holding the metal and make it cheaper for buyers holding other currencies.
Despite Friday’s pullback, the broader backdrop remains supportive for bullion. Gold has gained more than 13% in August.
Among other precious metals, silver prices rose 2% to $70.67/oz, while platinum rose 2.4% to $1,894.60/oz.
Benchmark Copper Futures on the London Metal Exchange edged up 0.5% to $14,361.15 a ton, while U.S.Copper Futures gained 0.1% to $6.62 a pound.”
