8/15, 10:39 AM (Source: TeleTrader)
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Precious metals drop on Fed rate hike concerns

The prices of precious metals slid on Monday, as investors await the latest Federal Reserve minutes, due on Wednesday, in order to catch a glimpse of future monetary policy course, with a focus on rate hikes.

Previously, President of the Federal Reserve Bank of San Francisco, Mary Daly, noted that despite better-than-expected inflation data, it is too early to "declare victory" over curbing inflation as a lot more needs to be done.

Gold fell 0.83% to $1,786.71 per ounce at 4:37 am ET. Silver tumbled 1.46% to $20.52 per ounce at the same time. Platinum lost 1.56% to $950.21 per ounce at 4:38 am ET. Palladium decreased 0.82% to $2,198.07 per ounce simultaneously.

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