Gold Drops 3 Percent as Fed Chair Warsh Strikes Hawkish Tone at Jackson Hole

Global gold fell to 4,458.89 dollars an ounce on Friday, August 28, 2026 (6 Shahrivar 1405), down 3.08 percent from the previous day and its lowest level in a week. Silver dropped roughly 4 percent over the same span. According to Trading Economics, the decline followed a speech by Federal Reserve Chair Kevin Warsh at the annual Jackson Hole symposium. In his first major address since taking the post in May 2026, Warsh warned that inflation is not meaningfully slowing and that the central bank still has work to do, though he said financial conditions are not currently restrictive. Markets responded by raising the probability of a September rate hike to near 50 percent.

Gold has risen 9.66 percent over the past month and 29.27 percent over the past year, with its all time high of 5,608.35 dollars recorded in January 2026. Given the direct link between Iran's domestic gold and coin market and the global ounce price, the drop could weigh on Tehran's gold and coin prices when trading resumes next week.