Jackson hole: The price of gold experienced a significant decline on Friday, reversing the upward trend observed throughout August. This downturn came in response to recent statements by Federal Reserve Chairman Kevin Warsh, which focused on inflation concerns.

According to Anadolu Agency, Chairman Warsh addressed the Jackson Hole Economic Policy Symposium, where he indicated that further monetary policy measures might be necessary if inflation does not align with the target levels. Warsh remarked, "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."

Following these remarks, the price of gold per ounce decreased to $4,454, marking a 3.18% drop on a daily basis. In a similar trend, silver prices also fell, losing 4.2% to settle at $66.3 per ounce.