Prices of precious metals decline, silver drops 3.5%
The prices of precious metals decreased on Monday, as market participants patiently awaited economic data releases due this week that may provide insight into the Federal Reserve's monetary policy direction going forward.
It appears that concerns over interest rate increases seemingly pushed the prices on a downward trend, as Fed policymakers hinted that more hikes could be expected this year. St. Louis Fed President James Bullard warned that the inflation in the United States is expected to decline, but not as fast as initially projected.
Gold lost 0.50% to sell for $1,918 per ounce at 9:21 am ET, while silver dropped 3.65% to $23.07 per ounce. A minute later, platinum slipped 0.99% to $1,033 per ounce, while palladium declined 0.77% to $1,699 per ounce.