Precious metals rise, silver, palladium surge 3%15 Aug 2024 17:04
The prices of precious metals advanced on Thursday, with silver and palladium soaring over 3%. The upsurge in prices comes amid inflation in the world's largest economy, the United States, which cooled in July, seemed to boost demand for the industrial metals.
Data released this week revealed that both producer and consumer prices in the US grew at a slower pace than anticipated in July. The annual headline CPI recorded its lowest reading since March 2021, further strengthening expectations for interest rate cuts by the Federal Reserve.
Silver surged 3.08% at 10:40 am ET, going for $28.42 and palladium jumped by 3.59% to $960.63. At the same time, gold added 0.17%, selling at $2,452.04. Meanwhile, platinum was 0.76% above the flatline, going for $926.52.
Baha Breaking News (BBN) / RR