Thursday , March 21 2019
Home / Commodity Blog / Gold & Silver Decline As Fed Sounds Less Dovish than Expected

Gold & Silver Decline As Fed Sounds Less Dovish than Expected

Summary:
Gold and silver fell during Thursday’s Asian trading session, while platinum and palladium managed to avoid losses. Bullion was under pressure after the Federal Reserve hiked interest rates. Such move was expected, but market participants were also counting on a dovish statement and significant reduction of the number of planned rate hikes in 2019. But the Fed was not as dovish as some people expected, and the number of planned hikes was reduced just by one to two hikes in total next year. That disappointed gold bulls as prospects for higher borrowing costs mean further downside risk for the metal. Contract for delivery of gold in February declined 0.71% to ,247.5 per troy ounce as of 3:04 GMT on COMEX today. Silver for delivery in March plunged 1.17% to .65 per ounce. At the same

Topics:
Vladimir Vyun considers the following as important: , , ,

This could be interesting, too:

Vladimir Vyun writes Commodities Rally on Wednesday Thanks to Positive Fundamentals

Andrew Moran writes Gold Firms Above ,300 Ahead of Fed Meeting

Andrew Moran writes Gold Faces Pressure on Retail Sales, Hedge Fund Bears

Andrew Moran writes Gold Tests ,300 As Metal Poised for Small Weekly Gain

Gold and silver fell during Thursday’s Asian trading session, while platinum and palladium managed to avoid losses. Bullion was under pressure after the Federal Reserve hiked interest rates. Such move was expected, but market participants were also counting on a dovish statement and significant reduction of the number of planned rate hikes in 2019. But the Fed was not as dovish as some people expected, and the number of planned hikes was reduced just by one to two hikes in total next year. That disappointed gold bulls as prospects for higher borrowing costs mean further downside risk for the metal.

Contract for delivery of gold in February declined 0.71% to $1,247.5 per troy ounce as of 3:04 GMT on COMEX today. Silver for delivery in March plunged 1.17% to $14.65 per ounce. At the same time, spot price for platinum was little changed at $786.1 per ounce, and palladium gained 0.52% to $1,263.95 per ounce.


Commodity Blog, 2018. | Permalink | No comment | Add to

Better Feed from Ozh

Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

Leave a Reply

Your email address will not be published. Required fields are marked *