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Gold Craters to One-Week Low on Fed Policy Expectations, Silver Extends Selloff
Gold futures continued to decline heading into the holiday weekend as investors turned sour on the Federal Reserve suggesting that interest rates could stay higher for longer, with “various” officials discussing the possibility of tightening monetary policy amid persistent inflation pressures. June gold futures cratered $48.50, or 2.05%, to $2,343.80 per ounce at 15:03 GMT on Thursday on the COMEX division of the New York Mercantile Exchange. Gold is on track for a weekly loss of around 2%, paring its year-to-date gain to around 13%. Gold prices are now trading at a one-week low. Silver, the sister commodity to ... (full story)