Palladium touched its 16-year high level of $910 on Friday, June 9.
The recent lift in the US dollar could have been due to the Fed’s June meeting, which will end on Wednesday, June 14.
Investors are watching the FOMC meeting on June 14, 2017. Gold is highly sensitive to interest rates, and higher rates on Treasuries reduce its lure.
Gold fell again on Friday, June 9, 2017, for the third consecutive day. It touched a low of $1,264.80 per ounce and then settled at $1,269.50.
Gold retreated on June 8, 2017, by almost 1% to $1277.50 an ounce. Silver and platinum followed, falling 1.2% and 1%, respectively.
Although the chances of an interest rate hike remain high for next week, the overall optimism in the market for a hike has calmed somewhat.
On June 6, 2017, the US Dollar Index plunged to its lowest level in seven months, which helped dollar-denominated precious metals regain value.
Weak US economic indicators appear to be giving some breath to precious metals. Gold rose 1.1% on Tuesday, June 6.
On Friday, June 2, precious metals saw a bright day.
The rise in gold on June 6 also boosted the other three precious metals. Silver futures for August delivery were 1.4% higher for the day and closed at $17.6 per ounce.
According to FedWatch, the chances of a hike at the upcoming meeting has risen to 96%.
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Year-to-date (or YTD), until May 26, 2017, Pan American has had the highest returns at 17.5%, followed by Hecla at 15.1%.
Precious metal markets saw low trading volumes on May 29 due to the Memorial Day holiday in the US.
Tumbling oil prices led to a rise in precious metals on May 26. Gold, silver, platinum, and palladium rose 0.93%, 0.44%, 1.1%, and 2.4%, respectively.
A rate hike and the dollar are closely tied to each other since a higher interest rate would mean more money flowing into the United States.
Gold rose 0.26% on Thursday, May 25, 2017, and ended the day at $1256.40 per ounce. The rebound also extended to the other three precious metals.
Precious metals once again witnessed choppy waters on May 24, 2017, and ended the day lower than the previous day’s close. Gold fell ~0.19% and ended up at $1,253.1 per ounce.
The market has been gripped by fears surrounding the implementation of promises that President Donald Trump made during his election campaign.
The DXY index, which measures the dollar against a basket of six major world currencies, rose 0.38% on Tuesday, May 23.