8/19/2022, 5:15 PM (Source: TeleTrader)
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Gold, silver lowest in 3 weeks amid Fed rate hike fears

The prices of spot gold and silver tumbled to their lowest point in three weeks on Friday as renewed concerns over possible aggressive rate increases from the Federal Reserve have been rekindled by the latest comments coming from the central bank's officials.

Fed's St. Louis President James Bullard revealed he is leaning toward a 75-basis-point rate hike at the next meeting in September, while Bank of Kansas City President Esther George underlined the increases will not stop until inflation starts showing clear signs of cooling down.

Gold fell 0.58% to $1,748.29 per ounce at 11:12 am ET. Silver plunged 2.15% to $19.12 per ounce a minute later. Platinum slid 2.46% to $891.71 per ounce at 11:13 am ET. Palladium declined 2% to $2,113.30 per ounce at 11:14 am ET.

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