Comex gold drops $140 to $4,241 an ounce and silver slides to about $66 as Fed officials flag possible 2024 rate hike

On 18 June, Comex gold futures fell $140 per troy ounce to $4,241, ending a four-session rise, while silver futures dropped nearly $5 to around $66 after breaking below the $70 level. The Federal Reserve kept rates unchanged, but nearly half of policymakers projected higher rates later in 2024, reinforcing expectations of tighter policy. Markets now price a 78% chance of a December rate hike, according to the CME FedWatch Tool. Higher-rate expectations and a stronger US dollar weighed on the non-yielding metals.