The prices of gold and silver rose on Friday after Federal Reserve Bank of Atlanta President Raphael Bostic shared he would not be supporting further interest rate increases in 2023.
Bostic previously stressed that the economy should be given time to adjust to the tighter monetary policy before more firming takes place. The dovish comments seem to have given traders some hope that there is a chance the Fed might skip hiking rates at its next meeting despite Chair Jerome Powell's remarks.
Gold advanced 1.12%, to go for $1,935.44 per ounce at 9:31 am ET. Silver increased 1.17%, selling at $22.52 per ounce at the same time. Meanwhile, platinum was flat, standing at $925.06 per ounce at 9:32 am ET. Palladium traded 0.73% lower, to go for $1,279.05 per ounce concurrently.
