The sentiment in the market was further affected by comments made by Federal Reserve Bank of Atlanta President Raphael Bostic on Friday at a Chamber of Commerce event in Alabama. Bostic’s perspective diverged from Powell’s, as he suggested that the Fed could achieve its 2-percent inflation goal without imposing additional rate hikes.
This period of uncertainty is mirrored in consumer confidence, with the University of Michigan’s consumer sentiment index for November falling to 60.4 percent, down from October’s final reading of 63.8 percent. The decline in sentiment and the conflicting messages from Fed officials have cast a shadow over the commodities market, leading not only to a fall in gold prices but also affecting other precious metals. Silver and platinum prices also decreased for December and January delivery, respectively, reflecting broader concerns over economic stability and monetary policy direction.
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Source: Economy - investing.com
