Gold and Silver Collapsed to 1-Year Low Amid Stronger Dollar on FED Testimony

Wednesday, 18/07/2018 | 08:56 GMT

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Gold and Silver’s prices collapsed on the Tuesday’s session settling at $1.227/oz, -1% and $15.61/oz, -1.2% respectively after the strength of US dollar on the Fed chairman Powell testimony.

US dollar found strong support on the Testimony from Powell who re-confirmed the gradual rising of the US interest rates every three months amid strong US economy, lower unemployment rates, and the 2% inflation rate. Fed might increase the rates another 2 times in 2018 and more in 2019.

The rising interest rates have negative impact on precious metals which do not provide any real yield while the strongest US dollar makes all the US-denominated commodities more expensive for the foreign investors.

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