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6/16, 11:04 PM (Source: TeleTrader)
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Precious metals trade lower as Fed keeps rates unchanged

Precious metals traded lower after Federal Reserve announced its decision to leave the key interest rate unchanged at a level close to zero. Members of the Federal Open Market Committee agreed that the economic activity and sectors most affected by the pandemic are recovering, but are still in a weak state.

Additionally, Fed officials predicted two rate hikes in 2023, while Chair Jerome Powell said that inflation has increased "notably" and will "likely remain elevated" in the coming months.

Spot gold fell by 2.53% to sell for $1,811.38 per ounce at 5:00 pm ET, while silver slid 2.47% to $26.98 per ounce.

Breaking the News / LH