Gold Falls 0.29%, Silver Down 1.36% as Hawkish Fed Holds Rate Steady on Thursday

According to Kitco, spot gold prices declined to $4,244.60 per ounce, down 0.29%, while spot silver fell to $66.995, down 1.36%, in early U.S. trading Thursday. The declines followed the Federal Reserve's decision to hold the federal funds rate at 3.50%–3.75% on Wednesday, though the post-meeting signal remained hawkish. Nine of 18 Fed officials now expect a rate hike this year, pressuring precious metals markets through higher yields and a stronger dollar. U.S.-Iran de-escalation and lower oil prices also reduced the safe-haven demand for gold.
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