Massive Selling Hits Precious Metals

Published on Jun 18, 2021 12:40

Gold saw massive selling yesterday as traders continued to eye the prospect of a slightly hawkish monetary policy stance from the US Fed. The Fed hiked its interest-rate outlook in 2023 to 0.6% from previous projections of 0.1% in March, signaling two 0.25% rate hikes in 2023. Gold fell like a rock following this, with the sentiments taking a heavy beating and puling the counter well under $1800 per ounce. The counter lost 4.50% to test a six week low under $1770 per ounce. COMEX Silver crashed by around 6.50% to approach near $26 per ounce as well. Local demand also remains a worrisome factor for the precious metals as prices had surged substantially before the latest tumble, limiting the demand from retail buyers.