TELETRADER News
8/31/2022, 11:58 AM
(Source: TeleTrader)
Silver drops to 2-year low with high rates looming
Spot prices of precious metals fell on Wednesday as central banks throughout the globe continue to voice their intentions to forcefully raise interest rates in an effort to tame surging inflation. The metals' market appeal could have been impacted by signals that the high interest rate environment is likely to last for longer than expected in most major economies.
Gold decreased by 0.74% to $1,711.64 per ounce at 5:56 am ET after landing at a one-month low earlier in the day. Silver lost 2.26% to $18.02 per ounce at 5:56 am ET, moments after hitting the lowest point since July 2020.
Platinum declined 0.90% to $843.62 per ounce at 5:57 am ET. Palladium fell by 0.57% to $2,081.10 per ounce concurrently.