The chain

1. Speech signals hawkishness → fed-funds futures reprice hike odds up (Warsh's speech: ~55% → ~60% for September).
2. Higher expected policy rate → higher real yields — the market now expects tighter policy for longer.
3. Gold and silver fall. Both are non-yielding — their opportunity cost is the real rate you forgo by holding them instead of a bond. Real yields up → that cost rises → they get sold. This is exactly what happened.
4. The dollar strengthens — higher US rates pull capital into dollar assets (interest-rate-parity logic).
5. EM currencies weaken, rupee included — the rate gap narrows or reverses, and a firmer dollar mechanically weakens every currency quoted against it.
6. Imported inflation rises for EM importers — a weaker rupee makes India's oil and gold imports costlier in rupee terms, feeding CPI.
7. Inflation expectations anchor faster — a central bank seen as willing to hike moves the curve without necessarily hiking as much in practice. That's the entire point of hawkish jawboning.

Say this out loud version: "A hawkish Fed repricing raises real yields, which raises the opportunity cost of holding gold and silver, strengthens the dollar, and pressures EM currencies and imported inflation — we just watched that whole channel play out between late August and mid-September."