Precious Metals Experience Decline Following Federal Reserve's Decision

The Federal Reserve's decision to cut its key interest rate by a quarter percentage point to 4.25%-4.50% during its two-day policy meeting has led to a retreat in the prices of precious metals. This move seems to have weakened investors' appetite for safe-haven assets.

At 2:12 pm ET, gold prices were down 1.04% to trade at $2,616.91 per ounce. Silver fell 2.05% to sell at $29.88 per ounce at the same time. Platinum plunged by 1.12% to sell for $929.32 per ounce a minute later, while palladium dropped by 1.80%, going for $908.25 per ounce.