Gold futures retreated on Thursday and headed toward their lowest settlement level for a most-active contract since March following a wave of interest-rate hikes from global central banks.
Gold futures for August delivery were off by $9.40, or 0.5%, to $1,935 per ounce on Comex.
Silver futures for July delivery fell by 23 cents, or 1.1%, to $22.58 per ounce.
September palladium fell by $14.30, or 1.1%, to $1,330 per ounce, while July platinum declined by $4.40, or 0.5%, to $944 per ounce.
Copper for July delivery gained 3 cents, or 0.8%, to $3.94 per pound.
A number of interest-rate hikes from global central banks helped to weigh on gold and silver prices on Thursday following more hawkish commentary from Federal Reserve Chair Jerome Powell on Wednesday.
The Bank of England delivered a surprise 50 basis point rate hike, which was larger than economists had anticipated as the central bank struggles to tame the highest inflation in the G-7. Central banks in Switzerland and Norway also increased rates, as did Turkey's central bank, which delivered a sizable hike of its own.
Source : MarketWatch
