Precious metals rise on Powell remarks

Wednesday, 13. November 2019 17:00

Precious metals rallied on Wednesday after Federal Reserve Chair Jerome Powell warned the United States budget was on an "unsustainable path," asserting the economic growth may be negatively affected by debt increases. In addition, concerns rose about the future of a trade deal between Washington and Beijing after US President Donald Trump threatened to raise tariffs on Chinese imports if an agreement isn't reached.

The price of an ounce of gold rose 06% to $1,465.61 at 10:59 am ET. At the same time, silver increased 0.65% to $16.93 per oz. Platinum gained 0.63% to sell for 875.62 dollars at 10:59 am ET. A minute later, palladium jumped 0.85% to $1,716.46 per oz.

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