Silver tumbles 1.8% on higher-for-longer rate fearS
Prices of precious metals dropped on Thursday after the Federal Reserve revealed that interest rates could remain higher-than-anticipated for an extended period of time.
The Federal Reserve projections showed that the federal funds rate could land at around 5.1% by the end of next year, which is higher than its policymakers forecasted back in June. Likewise, interest rate estimates were raised for 2025 by 50 basis points to 3.9%.
Silver plunged 1.81% to $22.81 per ounce at 8:50 am ET. Gold dipped 0.78% to sell at $1,915.46 per ounce, palladium lost 2.52% to trade at $1,222.91 per ounce, and platinum slid 1.59% going for $916.45 per ounce a minute later.