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NEW YORK SPOT METAL PRICES

August 16, 2023

Metals drifted lower Wednesday after Fed minutes showed a higher-than-expected chance of additional rate hikes in 2023 to combat inflation. Gold is trading near a 5-month low, around $1,892, and silver is trading at $22.45, its lowest level in over 2 months. Stocks traded lower and bond yields ticked up on the Fed minutes. The Dow shed 140 points and the S&P is down 0.6%. The Nasdaq, which has been most impacted by interest rate predictions over the past year, is down 1%.