The prices of precious metals recorded losses on Wednesday amid the global uncertainty caused mostly by Russia's military operation in Ukraine and the fears of food and energy supply shortages that have emerged from it, which are somewhat the focus of the ongoing World Economic Forum (WEF) in Davos.
Meanwhile, the Bank of Russia announced it will hold an extraordinary meeting to discuss its key interest rates, while the Kremlin stressed it is monitoring the strengthening of the ruble. Later in the day, the United States Federal Open Market Committee (FOMC) will publish its latest minutes on the current economic situation.
Gold declined by 0.62% at 1:40 pm CET to go for $1,854.70 per ounce. At the same time, silver fell by 1.55% to sell for $21.77 per ounce. A minute later, platinum decreased by 1.09%, selling for $946.10 per ounce, while palladium declined by 0.28% to go for $1,994.90 per ounce.
