Gold Will Fail to Reach $5,300 as Fed Hikes Bite

Gold will not hit $5,300 in September and will instead extend the correction that left spot at $4,443.93 on August 31 and briefly below $4,400 at $4,396.36 during the Asian session. Fed Chair Kevin Warsh's hawkish remarks and the 57 percent market-implied chance of a September rate hike will keep u…