Precious metals dip after Fed rate cut

Wednesday, 18. September 2019 21:03

Precious metals traded significantly following the latest monetary decision from the US Federal Reserve. The Fed announced it would cut interest rates by 0.25 basis points in a deeply divided decision which saw three Fed presidents voting against the cut, two of them wanting to leave the policy unchanged, while one of them even suggested a 0.50 basis point decrease.

Gold lost 0.72% at 2:57 pm ET, dropping below the $1,500 mark, to go for $1,490.60 per troy ounce. Silver took the biggest hit, declining 1.86%, changing hands for $17.68 per ounce at 2:58 pm ET. Palladium and platinum dropped 0.73% and 1.46% at 3:00 pm ET, going for $1,588.62 and $927.28 per ounce, respectively.

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