Precious metals slide further after Fed's rate hike hints

Thursday, 17. June 2021 13:34

Precious metals extended the previous day's losses on Thursday, with both gold and silver falling to levels from almost a month and a half ago, as traders still focused on prospects of the Federal Reserve raising the interest rates sooner than expected.

Fed Chair Jerome Powell, in his remarks, described inflation as "notably" higher compared to the previous period, and forecasted that it will "likely remain elevated" in the coming months.

Gold decreased 0.74% to sell for $1,797.96 per ounce at 7:32 am ET, while silver dropped 1.56% to $26.56 per ounce at the same time. Platinum lost 1.4% to go for $1,108.23 a minute later, while palladium concurrently went down by 1.79% to go for $2,753.77 an ounce.

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Breaking the News / BU