Metal prices continue to decline on reports the U.S. Federal reserve

Metal prices continue to decline on reports the U.S. Federal reserve


December futures for gold on the new York stock exchange Comex became cheaper on 2,24%, the cost of the December futures for silver declined by 4.25%.

MOSCOW, 29 Oct. The cost of copper and gold maintains a negative trend on Thursday after the Federal reserve system (FRS) the USA did not exclude the possibility of a rate increase at its December meeting, according to AFP.

As at 18.27 GMT December futures for gold on the new York stock exchange Comex became cheaper by 26.4 million, or 2.24% to 1149,6 dollars per Troy ounce. The cost of December futures for silver declined by 4.25% to 15,60 USD per ounce. December copper futures on the Comex became cheaper on 1,29% — to 2.33 per pound (about 0.45 kilograms).

On Wednesday the U.S. Federal reserve once again kept its base rate at a minimum level of 0-0. 25%, as analysts expected. The fed did not rule out a rate hike in December, depending on employment and inflation. Speaking of the economy, the regulator has called the growing “moderate” pace.

The fed last raised the base rate 29 June 2006. In 2007-2008, the regulator gradually reduced rate until, until it reached the lowest level of 0-0. 25% in December 2008.

“We were expecting that the fed will not increase rates this year, we were wrong”, — quotes the newspaper the Wall Street Journal the words Societe Generale analyst Robin Bar (Robin Bhar).