According to CoinMeta, gold futures fell on Monday, but still have the potential to end the best month since February. In August, gold prices rose by nearly 10%, although there was a pullback after Federal Reserve Chairman Kevin Warsh hinted that interest rate hikes might be needed to control inflation. The U.S. strikes against Iranian rocket launchers in the Strait of Hormuz also reignited concerns about inflation, leading to rising oil prices. Gold futures for December delivery approached $4,481 per ounce on Monday and fell by more than 3% on Friday following Warsh's comments. Goldman Sachs strategists predict that by the end of 2026, gold prices will rise to $4,900 per ounce as central banks around the world continue to diversify their reserves. Warsh's hawkish remarks have caused Polymarket investors to assess the probability of a 25-basis-point interest rate hike by the Federal Reserve at its September meeting at 56%.