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Gold plunges rapidly

Gold plunges rapidly

新浪财经新浪财经2026/08/31 05:20
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Source: China Fund News

  

[Lead] Gold plunges rapidly

  Reporter: Zhang Zhou, China Fund News

  On the morning of August 31, international precious metals prices plunged rapidly. Spot gold briefly fell below $4,400 per ounce, the first time since August 19, down 1.29% on the day. Spot silver dropped below $66 per ounce.

  After falling below $4,400 per ounce, spot gold quickly rebounded nearly $30 in the short term, last reported at $4,425.07 per ounce.

  On the news side, after US Federal Reserve Chair Waller delivered a “hawkish” speech, the US Treasury market saw a sharp sell-off, and the yield on the two-year US Treasury—which is more sensitive to Fed rates—surged to a one-month high. Interest rate futures indicate the probability of a Fed rate hike in September soared from about 35% to about 60%.

  Calculations show that, based on the immediate rise in two-year US Treasury yields after the speech, Waller’s remarks could be the most hawkish since 2009, with market reactions exceeding former Fed Chair Powell's speeches at Jackson Hole in 2022 and 2023.

  Editor: Gelin

  Proofreader: Wang Yue

Responsible editor: Wang Ke

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