{"id":26062,"date":"2023-06-22T13:28:25","date_gmt":"2023-06-22T17:28:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-silver-slide-to-weakest-level-since-march-following-flurry-of-central-bank-rate-hikes\/"},"modified":"2023-06-22T13:28:27","modified_gmt":"2023-06-22T17:28:27","slug":"gold-silver-slide-to-weakest-level-since-march-following-flurry-of-central-bank-rate-hikes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26062","title":{"rendered":"Gold, silver slide to weakest level since March following flurry of central-bank rate hikes"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002199698\" role=\"document\">\n<p>Gold and silver futures fell to their lowest level since mid-March following a wave of interest-rate hikes from central banks, including a surprise 50 basis point hike from the Bank of England, as well as more hawkish commentary from Federal Reserve Chairman Jerome Powell. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-1.07%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-1.07%<\/bg-quote><br \/>\n       were off by $21, or 1.1%, to $1,923 per ounce on Comex. <\/p>\n<\/li>\n<li>\n      July silver<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-1.51%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-1.51%<\/bg-quote><br \/>\n       fell by 37 cents, or 1.5%, to $22.44 per ounce. <\/p>\n<\/li>\n<li>\n      September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-4.56%<\/bg-quote><br \/>\n       fell by $59, or 1.1%, to $1,330 per ounce, reaching the lowest level for a most-active contract since mid-2019, according to FactSet data, while July platinum<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-2.43%<\/bg-quote><br \/>\n       declined by $4.40, or 0.5%, to $944 per ounce, reaching the lowest level for a most-active contract since February. <\/p>\n<\/li>\n<li>\n      Copper for July delivery<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.82%<\/bg-quote><br \/>\n       shed 4 cents, or 0.9%, to $3.88 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>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.  <\/p>\n<div class=\"paywall\">\n<p>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\u2019s central bank, which delivered a sizable hike of its own. <\/p>\n<p>\u00a0\u201cCentral banks are in focus late this week and they are still leaning hawkish on their monetary policies. That is bearish for the precious metals markets, both from a demand perspective and as it makes the competing asset class of government bonds more attractive as yields are rising,\u201d said Jim Wyckoff, senior analyst at Kitco.com, in emailed commentary. <\/p>\n<p>Adding to the hawkish sentiment, Fed Chair Powell returned to Capitol Hill for a second day of testimony on Thursday, where he said that a \u201cstrong majority\u201d of policy makers support \u201ca couple\u201d more interest-rate hikes later this year \u2014 although the timing of any further rate-hike decisions will depend on how economic data develop. <\/p>\n<p>Gold has slipped since last week, when the Fed opted to leave interest rates on hold after 10 consecutive rate increases while signaling that more hikes likely lie ahead. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-nears-lowest-level-since-march-following-wave-of-central-bank-rate-hikes-8ddc6f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold and silver futures fell to their lowest level since mid-March following a wave of interest-rate hikes from central banks, including a surprise 50 basis point hike from the Bank of England, as well as more hawkish commentary from Federal Reserve Chairman Jerome Powell. Price action Gold futures for August delivery GC00, -1.07% GCQ23, -1.07% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-26062","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold, silver slide to weakest level since March following flurry of central-bank rate hikes | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold and silver futures fell to their lowest level since mid-March following a wave of interest-rate hikes from central banks, including a surprise 50\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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