Metals Fall at Close: Gold Loses $45, Silver $71 After Fed Signals

Metal markets closed Wednesday, April 29, 2026, with a marked downward trend, reversing earlier gains and deepening declines in the afternoon session. Gold (XAU) plummeted 1.16%, closing at $4554.90 per ounce, while silver (XAG) experienced an even steeper drop of 2.40% to $71.97.

The selling pressure intensified following statements from Federal Reserve Chair Jerome Powell, who reaffirmed the strength of the US economy, projecting growth above 2%. More significantly, fed traders interpreted the signals as increased bets on an interest rate hike, which boosted Treasury yields and reduced the appeal of precious metals as a safe-haven asset.

Platinum (XPT) was one of the hardest hit, with a retreat of 3.89% to finish at $1882.60, closely followed by palladium (XPD) which shed 0.22% to trade at $1466.50. Copper (HG) showed more resilience, closing with a moderate loss of 0.80% at $5.93, also influenced by dollar strength and expectations of higher interest rates.

The afternoon session was also marked by the news that the aircraft carrier USS Gerald R. Ford will leave the Middle East after a 10-month deployment, a move that, while potentially reducing regional tensions, was insufficient to counter the general risk-off sentiment driven by prospects of tighter monetary policy.

Close by Metal

* **Gold (XAU):** Closed at $4554.90 USD/oz (-1.16%). The decline accelerated in the afternoon following Powell's statements and increased Fed rate hike expectations.

* **Silver (XAG):** Closed at $71.97 USD/oz (-2.40%). Silver suffered a significant correction, surpassing gold's losses, amid dollar strength and expectations of monetary tightening.

* **Platinum (XPT):** Closed at $1882.60 USD/oz (-3.89%). Platinum led the declines among precious metals, reflecting general industrial sector weakness and risk aversion.

* **Palladium (XPD):** Closed at $1466.50 USD/oz (-0.22%). Showed relative resilience but still ended the day in negative territory.

* **Copper (HG):** Closed at $5.93 USD/oz (-0.80%). Copper retreated but held above morning levels, affected by dollar strength and rate outlook.

Session Driver

The main driver of the afternoon session was the rhetoric from Federal Reserve Chair Jerome Powell and the market's reaction to his comments. The indication that the US economy is "quite resilient" and should continue growing above 2%, along with signals of increased divergence within the Fed (the highest since 1992), raised perceived odds of an interest rate hike, pressuring metals downward.

Tomorrow

Investors will be watching for any additional statements from Fed members and any inflation data that may be released. Furthermore, the development of geopolitical tensions and the behavior of the US dollar will remain key factors for the direction of precious metals.

Sources