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9/17/2020, 4:06 PM (Source: TeleTrader)
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Gold drops 1% as Fed keeps interest rates

Prices of precious metals plunged on Thursday after the United States Federal Reserve announced it has kept key interest rates unchanged at 0.00%-0.25%. Commenting on the Fed's decision, Chairman Jerome Powell warned the economy might need more stimulus to overcome the coronavirus crisis. Japan's and United Kingdom's central banks followed the move, keeping the rates at -0.1% and 0.1%, respectively.

On the data front, 860,000 additional people filed for unemployment across the US. The pandemic continued causing significant uncertainty, as the number of the registered COVID-19 cases recently surpassed 30 million worldwide.

Spot gold dropped 1.03% to $1,938.36 per ounce at 10:02 am ET, while the price in euros was down 1% as it went for €1,641.58 per ounce. Silver concurrently plunged 2.21% to trade for $26.58 per ounce. Platinum sank 3.83% to $936.70 per ounce a minute later, while at the same time, palladium tumbled 2.32% to $2,340.26 per ounce.

Breaking the News / ND