Prices of precious metals advance on Powell's remarks

Wednesday, 10. July 2019 14:59

Prices of all the precious metals jumped after the United States Federal Reserves published its Semiannual Monetary Policy Report to the Congress on Wednesday which will be read to the members of the by Fed Chair Jerome Powell on Capitol Hill later today. In the report, Powell vowed that the central bank would "act as appropriate" to maintain the current economic expansion, which may be an introduction to the interest rate cut later this month.

The gold increased by 0.99% to sell for $1,411.09 per ounce at 9:55 am ET. Silver advanced 1.03% to go for $15.27 per ounce a minute later, while the platinum was trading 1.65% higher concurrently, changing hands for $825.15 per ounce at the same time.

Palladium was the precious metal that increased its price the most, jumping 1.99% to sell for $1,580.69 at 9:58 am ET.

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