Gold prices fell beneath yesterday’s 1-month lows in London trade Thursday, dipping to $1278 per ounce as most commodities edged higher with world stock markets.
With gold prices now falling almost 6% from early September’s 12-month Dollar high, silver today fell to $16.70 per ounce – down more than 8% from 3 weeks ago.
Platinum meantime dropped to 9-week lows beneath $920, trading below sister-metal palladium for the first time in 16 years.
Following Janet Yellen’s comments from Tuesday on needing to tighten US policy sooner than expected, US Treasury bond prices also fell again, driving the interest rate offered to investors by 10-year notes up to 2.34%, the most since 11 July.
Gold was then trading at $1211 per ounce.
Betting on US interest rates now see a 76% chance of the Fed raising at its December meeting, up from just 33% one month ago.
This post was published at FinancialSense on 09/28/2017.