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After the rise, observed in recent days, on September 17, quotations of precious metals went down sharply. Platinum showed the largest price decline. According to Reuters, the price of the metal fell by 4.5% during the trading, to $ 925.6 per troy ounce. This is the strongest price decline since August 11, when platinum fell by almost 5%.
Palladium and silver were down 3.7% and 3.4%, pulling back to $ 2312 and $ 26.3 per ounce, respectively. Gold fell the least of all, its value falling by 1.4%, to $ 1932.36 per ounce. As a result of the correction, prices for precious metals fell back to last week's levels.
The sale was provoked by the results of the Fed meeting on September 16. As expected by most analysts, the regulator has kept the base rate at the level of 0-0.25% per annum for the fourth time. All 17 FOMC members expect the rate to remain at this level in 2021. Only one FOMC member predicts a rate hike in 2022, but four in 2023.
However, the comments following the meeting disappointed investors. Fed Chairman Jerome Powell pessimistically commented on the outlook for the US economy, without announcing the new financial stimulus, which was so expected in the markets.
The outpacing rates of fall in prices for platinum and palladium are associated with growth ahead of the Fed meeting. Since September 4, the price of platinum has increased by almost 10%, while palladium has risen in price by 7%.
source: reuters.com
Palladium and silver were down 3.7% and 3.4%, pulling back to $ 2312 and $ 26.3 per ounce, respectively. Gold fell the least of all, its value falling by 1.4%, to $ 1932.36 per ounce. As a result of the correction, prices for precious metals fell back to last week's levels.
The sale was provoked by the results of the Fed meeting on September 16. As expected by most analysts, the regulator has kept the base rate at the level of 0-0.25% per annum for the fourth time. All 17 FOMC members expect the rate to remain at this level in 2021. Only one FOMC member predicts a rate hike in 2022, but four in 2023.
However, the comments following the meeting disappointed investors. Fed Chairman Jerome Powell pessimistically commented on the outlook for the US economy, without announcing the new financial stimulus, which was so expected in the markets.
The outpacing rates of fall in prices for platinum and palladium are associated with growth ahead of the Fed meeting. Since September 4, the price of platinum has increased by almost 10%, while palladium has risen in price by 7%.
source: reuters.com
