Gold prices fell more than 1% on August 28 after U.S. Federal Reserve Chair Kevin Warsh suggested the central bank could raise interest rates to curb inflation. Spot gold was down 0.8% at $4,563.05 an ounce, according to Reuters. In India, gold slipped to ₹1,56,780 per 10 grams, down 1.77%. The decline followed a three-month high earlier in the week that was driven by optimism after the U.S. Treasury’s support for long-term bonds.

Micron Technology shares have retreated from above $1,036 to around $935 even as the company’s fundamentals continue to improve. DRAM prices rose 58% to 63% sequentially in Q2, while HBM4E’s approaching 4:1 trade ratio could further constrain conventional DRAM supply by consuming more wafer capacity. Micron has secured $22 billion of commitments via strategic agreements, and major contracts extend through 2030 on take-or-pay terms.

Qatar has extended force majeure on its LNG deliveries into November as transits through the Strait of Hormuz remain blocked, lifting gas prices in both Asia and Europe. Asia’s spot LNG price rose to $23.388 per million British thermal units (MMBtu), while Europe’s Dutch TTF benchmark moved above $80 per megawatthour. Europe is approaching winter with gas storage only 63% full, well below the five-year average of about 80%, adding to supply concerns.

NY raw sugar and London white sugar futures fell sharply, giving back earlier gains. Selling pressure intensified as the Brazilian real weakened, triggering long liquidation. On fundamentals, the European Union expects 2026/27 sugar output to fall 19% and India’s monsoon rainfall remains below normal. Global 2026/27 sugar consumption is projected to rise to a record high.

Expectations for a near-term Federal Reserve rate hike to curb inflation strengthened, pushing the 2-year Treasury yield up to 4.32%. Traders lifted the implied odds of a hike as soon as next month to nearly 60% from 35%, while the 10-year yield rose to 4.70%. U.S. stocks were mixed in midday trading, with the Dow edging higher and the Nasdaq lower.

Fed Chair Warsh said the economy appears to have strengthened and pledged to bring inflation back to the central bank’s 2% target. The S&P 500 rose 0.37%, the Dow added 0.34%, and the Nasdaq 100 gained 0.18%. Chipmakers and AI infrastructure shares lagged, with Marvell Technology sliding 7% after a weaker-than-expected gross-margin outlook. The University of Michigan’s Aug 5-10 year inflation expectations were unchanged at 3.3%, in line with expectations.

Federal Reserve Chair Kevin Warsh said inflation is not meaningfully slowing and stressed policymakers must be confident it is moving toward the Fed’s 2% target, or the central bank still has “work to do.” After the remarks, short-term U.S. Treasury yields jumped and markets lifted the implied probability of a September rate hike to above 50%. Risk assets came under pressure, pulling bitcoin back below $80,000.

Fed Chair Warsh said inflation remains the central bank’s main focus even as the labor market cools. He reiterated that the Fed’s 2% inflation target is fixed. Warsh said multiple indicators show inflation is still above that goal, citing July readings of 3.7% for PCE inflation and 3.4% for CPI inflation.