“The metal prices closed down by around 1.1 percent yesterday with silver leading the retreat in the precious metals, it was down 1.9 percent at $22.55. The pull back across the metals was in anticipation of a more hawkish tone to the FOMC minutes.
In the end the FOMC meeting minutes showed that members were broadly comfortable with the plan to taper this year, but most also thought that there was no need to change anything at the moment. As such, the reading seems to be that a change may still be seen in September.
In the precious metals gold prices are up 0.4 percent at $1,361.90, silver prices are up 1.2 percent at $22.82, platinum is up 0.3 percent at $1,508 and palladium prices are up 1.1 percent at $747.40.
Bullion in Shanghai was weaker with gold prices off 0.6 percent at Rmb 271.2/g and silver prices down 0.5 percent at Rmb 4,557/kg.”