Higher Interest Rates Putting Pressure on Gold & Silver

GOLD

Interest rates continue to move higher, causing the U.S. Dollar Index to reach a high of 91.44. This is putting pressure on the Gold price, which is testing the $1,700 per ounce support level. Fed Chair Powell commented on the rise in rates by saying, he would be patient before changing policy even if inflation were to tick higher. That statement caused Gold to break below the $1,700 per ounce level. At 11am PT today, Gold is trading at $1,692 per ounce, down $28 on heavy volume.

SILVER

The Silver price is also affected by higher interest rates and U.S. Dollar also, Silver moved down below the key $26 per ounce level this morning. At 11am PT today, Silver is trading down $1.25 per ounce, at $25.17 per ounce on heavy volume.