Market Watch: Precious Metals See a Downturn

As the United States Federal Reserve gears up for a pivotal two-day meeting starting Monday, the spotlight is on the anticipated decision regarding interest rates. With expectations set on maintaining rates between 4.25% to 4.5%, the allure of gold, which offers no yield, seems to be waning among investors.

Spot gold witnessed a significant drop, declining by 1.10% to $2,741.84 per ounce. Similarly, silver prices fell by 1.05% to $30.33 per ounce. The downturn wasn't limited to just gold and silver; platinum and palladium also saw decreases of 0.40% and 2.67%, respectively, trading at $948.04 and $953.26 per ounce.