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Gold & Silver Decline As Fed Sounds Less Dovish than Expected

December 20, 2018 at 3:19 by Vladimir Vyun

Gold and silver fell during Thursday’s Asian trading session, while platinum and palladium managed to avoid losses. Bullion was under pressure after the Federal Reserve hiked interest rates. Such move was expected, but market participants were also counting on a dovish statement and significant reduction of the number of planned rate hikes in 2019. But the Fed was not as dovish as some people expected, and the number of planned hikes was reduced just by one to two hikes in total next year. That disappointed gold bulls as prospects for higher borrowing costs mean further downside risk for the metal.

Contract for delivery of gold in February declined 0.71% to $1,247.5 per troy ounce as of 3:04 GMT on COMEX today. Silver for delivery in March plunged 1.17% to $14.65 per ounce. At the same time, spot price for platinum was little changed at $786.1 per ounce, and palladium gained 0.52% to $1,263.95 per ounce.

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