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On August 29, international precious metals continued to decline, with spot gold prices falling by 2.68% to $4,478.09 per ounce; spot silver prices dropped by 4% to $66.38 per ounce.

On August 29, international precious metals continued to decline, with spot gold prices falling by 2.68% to $4,478.09 per ounce; spot silver prices dropped by 4% to $66.38 per ounce.

On August 29, following remarks from Federal Reserve Chairman Walsh aimed at curbing inflationary pressures, market bets on a Fed rate hike significantly intensified, leading to a stronger dollar and a sharp decline in the prices of precious metals like gold. As of the time of this report, spot gold had fallen 2.6% during the day, dropping over $120 to $4,480 per ounce, with an intraday low of $4,464, marking a one-week low. Independent analyst Tai Wong noted, "Chairman Walsh clearly stated that inflation has not shown substantial signs of slowing and emphasized that the Fed 'still has work to do,' which triggered a severe sell-off in the gold market. Although this may still be a communication strategy of 'much ado about nothing,' it is sufficient for the market to view the September meeting as a standoff with equal probabilities for a rate hike and a pause." Walsh's remarks represent his closest acknowledgment to date that further rate hikes may be necessary to alleviate price pressures. He indicated that if policymakers cannot be confident that core inflation is steadily returning to the 2% target, the Fed has "more work to do." In response, traders quickly increased their bets on a rate hike in September. In other precious metals, spot silver fell 3.63% to $66.77 per ounce; spot platinum shifted from gains to losses, down 0.27% to $1,841.9; while spot palladium's gains narrowed to 5.05%, priced at $1,418.3.