Gold, silver fall over 1% as US Treasury yields, dollar strengthen
The price of spot gold and silver declined on Friday as United States Treasury yields, alongside the dollar, continued the upward trend following the Federal Reserve's latest decision to increase its interest rates by 0.75 percentage points.
The Fed is expected to continue tightening its monetary policy, as the central bank revealed in its latest economic prospects that its main interest rate will reach 4.4% at the end of 2022. Such projections seemingly averted the attention away from non-interest-bearing bullion.
Gold slid 1.09% to sell for $1,653.44 per ounce at 5:55 am ET. Silver tumbled 1.66%, going for $19.31 per ounce at the same time. Platinum plummeted 2.27%, selling for $883 per ounce at 5:56 am ET, while Palladium nosedived 3.12% to go for $2,099.50 per ounce simultaneously.