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Gold, silver, platinum, and palladium rebound, precious metals sector rallies, silver and platinum spot markets show strong holiday atmosphere [SMM Flash] - Shanghai Metals Market (SMM)
SMM reported that precious metals rebounded on September 30 after a series of remarks from US Federal Reserve officials led markets to scale back expectations for an October rate hike. New York Fed President John Williams said that if the economy evolves broadly in line with expectations, another rate hike later this year may be appropriate, but he also said there is “no need to rush.” After those remarks, market expectations for an October hike reportedly fell from around 70% to about 50%. SMM said the weaker US dollar index, continued geopolitical uncertainty, safe-haven flows into gold, and ongoing central bank gold purchases also supported the move.
Source: news.metal.com
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