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Spot gold fell 1.5% to $1,925.19 an ounce on Thursday as the dollar and Treasury yields rose after Fed Chair Powell announced a new average inflation target. Silver also fell over 3%.
The move reflects a stronger dollar and higher yields, which pressure dollar-priced commodities. The market had already priced in the Fed's shift, so there is no major feed price impact.
cnbc.comReutersAug 27, 2020After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
