Gold, silver fall amid US rate hike forecasts
Gold and Silver Bars
Gold and silver prices declined during Thursday trading as markets assessed the minutes of the Federal Reserve’s April meeting, which showed broad support among policymakers for tighter monetary policy if inflation remains above the 2% target.
Meanwhile, the US dollar index — which measures the performance of the US currency against a basket of six major peers — rose slightly by 0.1% to 99.20 points as of 08:30 a.m. Makkah time.
|
Changes in Precious Metals Prices (Futures and Spot) |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (June futures) |
4,526.50 |
(8.80) |
(0.20%) |
|
Gold (spot) |
4,525.67 |
(18.52) |
(0.40%) |
|
Silver (July futures) |
75.62 |
(0.56) |
(0.75%) |
|
Silver (spot) |
75.12 |
(0.78) |
(1.00%) |
|
Platinum (spot) |
1,932.87 |
(21.12) |
(1.10%) |
|
Palladium (spot) |
1,361.86 |
(12.99) |
(0.95%) |
This comes as Iran reviews Washington’s latest position regarding ending the war, following remarks by Donald Trump indicating his willingness to wait a few more days for Iran’s response, which boosted market confidence that negotiations are approaching their final stages, Reuters reported.
The latest data from the CME Group’s FedWatch tool also indicated growing market expectations that the Federal Reserve may tighten monetary policy this year, with a 39% probability of a 25-basis-point interest rate hike in December.
Commodity Price
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