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Silver and precious metals fell ahead of Powell speech

2018-11-14 11:43 am | Resource: News | No Views : 270



 Precious metals traded in the red zone on Wednesday in parallel with selling in the European equity markets on the back of growing concerns about the health of the global economy.

Gold futures for December delivery in the COMEX section of the New York Mercantile Exchange fell 0.2% to $ 1,203.5 an ounce by 06:12 GMT. Silver fell to a three-year low of $ 13.9 an ounce, the weakest since January 21, 2016.

Investors are also waiting for Fed Chairman Jerome Powell's speech later in the day. Emphasis has been placed on the impact of tariff increases in the US-China trade war. The dollar showed moderate gains in total, mostly due to the weak euro.

The rise in the US currency is causing a drop in demand by making asset classes more expensive in other currencies.

At the same time, the sharp fall in crude oil prices for Western Texas, twelve days in a row, has added to the downward pressure on inflation. Precious metals are the most traditional safe haven of hops in consumer prices.

Precious metals trading

  • Spot gold fell 0.11% at 11:36 CET, selling at $ 1,200.42 an ounce and testing a five-week low.
  • Silver fell 0.4% to $ 13.94 an ounce.
  • Platinum fell 0.68% to $ 832.76 per ounce, down 0.46% to $ 1.17.42.

 



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