The price of precious metals tumbled on Thursday driven by growing concerns about the future direction of Federal Reserve policy which appeared to weaken investors' appetite for safe-haven assets.
Minutes from the Federal Reserve's last policy meeting showed that "various" officials were in favor of additional interest rate hikes should inflation data warrant such an approach. The central bankers pointed out that recent reports did not provide them with enough confidence, underlining that the process of bringing inflation back to its target could take longer than estimated.
Silver lost 1.69% to trade at $30.31 per ounce at 10:30 am ET. Gold was down by 1.20% selling at $2,349.80 per ounce. Palladium lost 1.25% to go for $973.98 per ounce, while platinum declined 0.72% to $1,033.86 per ounce.
