7/19, 8:30 PM (Source: TeleTrader)
more TeleTrader news

Precious metals decline amid US rate cut hints

Prices of precious metals fell on Friday as investors remained confident the United States Federal Reserve would cut interest rates in July. Earlier in the day, Fed's James Bullard said a 25 basis point rate cut is needed while John Williams said rates need to be decreased to stop a "disaster" in the US economy. President Donald Trump commented that he completely agrees with Williams' remarks.

CME Group's FedWatch Tool showed at 2:21 pm ET that markets expect rates to be cut to 2%-2.25% with a certainty of 74.4% whereas 25.6% market participants expect rates to be decreased 50 basis point to 1.75%-2%.

Gold lost 1.60% at 2:23 pm ET to go for $1,422.85 per ounce, but remained on six-year highs it reached earlier this week. Silver fell 1.34% to $16.13 per ounce at 2:26 pm ET. Platinum lost 0.68% to change hands for $846.55 per ounce at 2:26 pm ET and, at the same time, palladium fell 1.25% to $1,511.42 per ounce.

Breaking the News / VP