Recent U.S. Fed Comments Plummet Precious Metals

Recent hawkish comments from the new U.S. Federal Reserve Chair Jerome Powell have sent precious metals into a tailspin yesterday. Gold consolidated to $1,318.92 per ounce.

Yesterday saw precious metals falling with an average loss of 1.3 percent. Today held much the same, with precious metals consolidating across the board. Platinum and palladium closed at $980 per ounce and $1,046.20 per ounce, respectively. Silver is down to $16.39 an ounce. Base metals were also fairly weaker, with losses averaging around 0.4 percent. Lead was the biggest loser, at -1 percent altogether.

However, the FOMC (Federal Open Market Committee) comments were not bad news for all markets, as the U.S. dollar has once again started up its rebound, coming in at 90.48 in its index today. Spot Brent crude oil has slipped to $63.31 per barrel. The yield on U.S. ten-year treasuries is looking good at 2.9 percent, followed by a stronger German ten-year bund at 0.68 percent.