New York, November 02 (QNA) – Gold prices declined Wednesday, as investors’ hopes of a Fed pivot were dashed after statements by US Federal Reserve Chairman Jerome Powell, in which he said that it was too early to discuss stop raising rates.
The price of gold in spot transactions fell 0.5% to $ 1640.05 an ounce, and gold futures in the United States increased 0.02 % when settling to $ 1650 before the Federal Reserves decision.
The price of silver in spot transactions also fell 1.6 % to $ 19.3 an ounce, after rising to a three-week high yesterday / Tuesday, and platinum fell 0.7 % to $ 936.28, and palladium fell 1.3 % to $ 1856.50.
Earlier today, the US Federal Reserve raised interest rates by 75 basis points, as part of its ongoing efforts to curb rising price pressures and curb the worst rise in inflation in 40 years. (QNA)
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