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Precious metals slide after Fed rate hike
Spot gold fell 0.68% to $4,263.07 an ounce, pulling back from a session high of $4,366.49 after the Fed's rate hike and hawkish dot plot, then sliding further to $4,235.59 after Powell's press conference.
Silver dropped 1.08% to $62.98, COMEX copper eased 0.04% to $6.44/lb, platinum fell 1.33%, and palladium dropped 2.02%.
Read: almost every metal fell together — a classic reaction to higher-rate expectations, which raise the opportunity cost of holding non-yielding assets like gold and silver.
#Gold #Silver #FedRateHike
Precious metals slide after Fed rate hike
Spot gold fell 0.68% to $4,263.07 an ounce, pulling back from a session high of $4,366.49 after the Fed's rate hike and hawkish dot plot, then sliding further to $4,235.59 after Powell's press conference.
Silver dropped 1.08% to $62.98, COMEX copper eased 0.04% to $6.44/lb, platinum fell 1.33%, and palladium dropped 2.02%.
Read: almost every metal fell together — a classic reaction to higher-rate expectations, which raise the opportunity cost of holding non-yielding assets like gold and silver.
#Gold #Silver #FedRateHike
