Precious Metals Rally on Fed's Hawkish Outlook

The prices of precious metals saw a significant increase on Friday as investors digested the Federal Reserve's recent hawkish comments. Earlier this week, the central bank signaled a more cautious approach to further monetary easing, with the dot plot forecasts indicating only two interest rate reductions next year. Additionally, Federal Reserve Chair Jerome Powell did not rule out the possibility of rate hikes in the coming year.

Gold prices rose by 1.14% at 11:43 am ET, selling for $2,626.53 per ounce. Silver also saw a 1.13% increase, trading at $29.44 per ounce a minute later. Meanwhile, platinum declined by 0.52%, settling at $1.14 per ounce at 11:44 am ET, while palladium added 1.00% to close at $906.84 per ounce.