Precious metals rally on lower Treasury yields

Precious metals pushed higher on Monday amid a slide in US Treasury yields that was provoked by the Federal Reserve’s latest policy announcement.

The Fed’s heightened inflation expectations and predictions of two rate hikes in 2023 sent ripples throughout markets last week. After six consecutive sessions of losses, gold prices gained over 1%, while other precious metals followed suit.

Gold was up 1.05% to $1,782.33 per ounce at 4:45 am ET. Meanwhile, silver rose 0.96% to $26.04 per ounce. At the same time, platinum increased 0.22% to $1,045.98 while palladium surged 1.52% to $ 2,512.89.

Breaking the News / JC