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6/17, 5:38 PM (Source: TeleTrader)
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Precious metals plunge as Fed hints rate hike in 2023

The prices of precious metals extended declines on Thursday a day after the Federal Reserve hinted it could increase its key interest rates in 2023, a year earlier compared to estimates it released back in March.

The markets have also been shaken by a survey from earlier in the week which claimed the Fed might raise the rates as soon as in November next year.

Spot gold dropped 2.22% to trade for 1,771.12 per ounce at 11:33 am ET, while silver tumbled 3.78% to $25.96 an ounce. Platinum fell 4.56% to $1,072.59 per ounce two minutes later, with Palladium diving as much as 8.42% to $2,565.04 per ounce.

Baha Breaking the News (BBN) / ND