Gold and Silver Rebound Strongly After Sharp Sell-Off
SadaNews Economy - Precious metals markets experienced a notable rebound in prices following a strong sell-off that came after the announcement of Kevin Warsh's nomination to chair the U.S. Federal Reserve.
The price of gold increased by $4.908 per ounce, recovering part of its losses after hitting its lowest level in nearly a month. Silver also rose to $86.37 per ounce, after having recorded a peak level of $121.64.
In a similar move, platinum rose to $2,197.10, while palladium increased to $1,776 per ounce. This rebound comes amidst strong gains that gold achieved in January, up 13%, marking the largest monthly increase since November 2009, while silver jumped 19% during the same month.
Markets are now anticipating U.S. monetary policy directions, amid expectations that Warsh's nomination could reshape the next phase for the Federal Reserve, which directly reflects on the movement of precious metal prices.
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