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Precious Metals Decline After Yellen’s Speech

July 15, 2015 at 17:56 by Vladimir Vyun

Gold dipped together with other precious metals today after Federal Reserve Chairwoman Janet Yellen suggested that an interest rate hike is probable later this year. Yellen said in the testimony:

If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy. Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end.

The comments boosted the US dollar, weakening precious metals at the same time. Metals often trade inversely to the US currency.

Contract for delivery of gold in August declined 0.54 percent to $1,147.30 per troy ounce as of 17:50 GMT on COMEX today. September silver dipped 1.6 percent to $15.07 per ounce. Spot price for platinum was down 0.3 percent to $1,021.80 per ounce. Palladium lost 1.5 percent of its value to trade at $644.15 per ounce.

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