Precious Metals Market Reacts Ahead of Fed Announcement

The precious metals market experienced a significant downturn on Wednesday, with gold leading the decline. Investors are on edge as they await the Federal Reserve's decision on key interest rates, expected to remain unchanged.

By 11:33 am ET, gold prices had fallen by 1.08%, trading at $3,291.68 per ounce. Silver wasn't spared either, dropping 1.79% to $37.52 per ounce. Platinum and palladium also saw declines, with platinum losing 1.85% to $1,376.17 per ounce and palladium decreasing by 0.48% to $1,228.73 per ounce.

Investors Shift Focus Amidst Uncertainty

The anticipation of the Fed's decision has seemingly reduced the appeal of safe-haven assets like gold. This shift reflects the broader market's reaction to potential economic policies and their implications for investment strategies.