Spot gold fell as much as 2.00% intraday, quoted at $4,509.51 per ounce; the main COMEX gold futures contract is now quoted at $4,560.90 per ounce, down 2.21% on the day.

Shenker, who was the first to predict a rate hike in September, said that rates could remain unchanged in October, but if inflation does not ease by December, there could be a 50 basis point hike.

The Korea Composite Stock Price Index (KOSPI) continued to decline after opening 5.6% lower, with the biggest loss reaching 6%. Samsung Electronics and SK Hynix fell by more than 6% and 9%, respectively. The Nikkei 225 Index dropped more than 3% at one point, with SoftBank plunging over 8% and Kioxia tumbling more than 8%. The MSCI Asia Pacific Index fell over 1% to around 266 points, marking its fourth consecutive trading day of decline. Gold rebounded by 0.87% after four straight days of losses, having hit about $4,100 overnight.