The price of yellow metal declined on Thursday to hit its lowest level since March, as the prospects of higher interest rates continued to grow following the Federal Reserve Chair Jerome Powell's two-day testimony. The likelihood of additional monetary tightening this year seemingly weakened investors' appetite for safe-haven assets.
Gold dropped 0.90% to sell at $1,915.25 per ounce at 10:58 am ET, falling to its lowest level since March 16. In addition, silver saw a loss of 1.05%, going at $22.42 per ounce, minutes after trading at its lowest value in 3 months.
At the same time, palladium plunged 3.42% to trade at $1,301.99 per ounce. Platinum was down by 1.39% to $932.89 per ounce.
