Gold prices drop following Federal Reserve Chair's Jackson Hole speech

Gold prices experienced significant volatility following remarks by Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. Warsh emphasized that the central bank’s 2% inflation target remains the primary objective, suggesting that further monetary actions may be necessary regardless of recent moderate inflation readings.

In response to the speech, gold prices dropped approximately $137 in a single session, with spot prices falling from nearly $4,594 to around $4,460 per ounce. Simultaneously, the US Dollar saw its largest daily gain in approximately two and a half months, while Bitcoin fell below $80,000.

In the Egyptian market, gold prices have shown relative stability following these global shifts. As of early September 2026, the popular 21-karat gold was trading at approximately 6,325 EGP for sale and 6,275 EGP for purchase, while the 24-karat gold stood at roughly 7,228.5 EGP for sale.