Precious metals decline, gold loses 2%

Precious metals traded in the red on Friday, with gold down over 2% for the week, as the investors digested the Federal Reserve's remarks on interest rate hikes and the shift from the highly accommodative monetary policy.

With the first of the rate increases, which are traditionally seen as a means to curb inflation, hinted for as early as March, the enthusiasm deflated among investors in assets with inflation-hedge properties, such as bullion.

Gold lost 0.21% at 11:05 am ET, selling for $1,791.27 per ounce, while silver surrendered 0.86% and went for $22.53 an ounce at the same time. A minute later, platinum dropped 1.74% to $1,006.05 per ounce, with palladium plunging 4.41%, and selling for $2,277.92 per ounce.

Baha Breaking News (BBN) / BU