Gold And Silver Drop On Fed Funds Announcement

GOLD

Yesterday during Fed Chairman Powell’s press conference, he made it clear that the Federal Reserve was looking at only one Fed Funds drop for 2024 instead of three that had been mentioned before. The Gold and Silver markets, after being up on the positive CPI, started dropping. Gold reached a low of $2,294 before turning back over $2,300.

At 11am PT today, Gold is trading at $2,302, down $33 on normal volume.

SILVER

Silver reacts to Fed Funds projection much more than Gold. On the Powell announcement, Silver dropped to $28.61 before finding bargain buyers in the U.S. this morning.

At 11am PT today, Silver is down $0.60 at $28.95 on heavy volume.