Precious metals, led by gold, fall sharply after the re-nomination of the Federal President for a second term

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Tuesday, November 23, 2021 - 19:03
Point Trader Group
Precious metals, led by gold, fall sharply after the re-nomination of the Federal President for a second term

Gold prices fell more than 1% during today's session, to its lowest level in nearly 3 weeks, as the re-nomination of Federal Reserve Chairman Jerome Powell for a second term fueled bets on faster increases in US interest rates, which boosted the dollar and US Treasury yields.

And gold fell in immediate transactions 1.09% to 1785.60 dollars an ounce.

And US gold contracts fell 1.3 percent to $ 1782.40 an ounce.

The rest of the precious metals followed the lead of gold, as silver fell in spot transactions 3.38% to $23.35 an ounce.

Platinum plunged 4.76 percent to $963.41 an ounce, while palladium fell 4.95% to 1857.21 an ounce.


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