Federal Reserve Chair Kevin Warsh stated at the Jackson Hole Economic Policy Symposium in Wyoming that additional monetary policy steps may be needed if inflation does not return to the target level.

Warsh told the audience that the central bank's current priority is fighting inflation, which he said has been aggravated by the war in the Middle East and rising energy prices.

The Fed Chair noted that the preferred personal consumption expenditures price index is running at 3.7% over the past year and 4.1% annualized over the past six months.

Gold prices fell by 2.78% to $4,471.08 per ounce due to the strength of the US dollar and the expectation that the Federal Reserve will actively combat inflation.

Bitcoin fell below $77,000 and dropped to $76,909 before recovering to $77,712 after Warsh revived rate-hike expectations at the symposium.