Precious metals drop on US dollar strength

Thursday, 29. September 2022 08:21

Precious metals went down on Thursday amid the US dollar strength as the American currency started trading higher against the euro and the British pound during the day following yesterday's losses. A day before, precious metals traded back and forth during the course of the session due to the US dollar's volatility.

Recently, a Federal Reserve policymaker noted the country will likely raise interest rates by 100-125 basis points (bps) until the end of the year, with another one stating there is a high chance the rates would be increased by 75 bps in November, and by 50 bps in December.

Gold fell by 1.05% to sell for $1,642.59 per ounce at 2:16 am ET. Silver dropped by 1.52%, going for $18.61 per ounce at the same time. Platinum went down by 2.33%, selling for $847.76 per ounce at 2:16 am ET, while Palladium decreased by 0.66% to go for $2,133.36 per ounce.

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Author:
Baha Breaking News (BBN) / MM