Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities

Archives

Precious Metals Drop as Fed Officials Speak in Favor of Monetary Tightening

June 20, 2017 at 22:03 by Vladimir Vyun

Gold and other precious metals fell today amid speculations that the Federal Reserve will continue its monetary tightening. Various Fed officials were speaking this week, and most of them argued in the favor of raising interest rates further.

The speculations about higher interest rates in the United States led to the rally of the US dollar. Consequently, commodities priced in the US currency dropped. Gold, in particular, usually trades inversely to the greenback.

August futures for delivery of gold fell 0.26% to $1,243.5 per troy ounce as of 21:58 GMT on COMEX today. July contract for silver declined 0.52% to $16.42 per ounce. Spot price for palladium slid 0.7% to $870.53 per ounce. Platinum was flat at $922.35 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply

required
required  

Navigation

Menu