Precious metal prices were down 1.7% month on month on average in August after remaining unchanged in July
Average prices for gold, silver, platinum and palladium declined in August. Investor expectations of higher rates from the Fed and increased U.S. Treasury yields diminished the attractiveness of precious metals, which do not bear interest. Additionally, a stronger dollar exerted downward pressure on precious metal prices during the month, making them more expensive for international investors and thereby reducing their appeal. Regarding gold specifically, the Turkish authorities’ imposition of a tariff on some types of the metal weighed on demand. As for platinum and palladium, projected increased supply ahead from some major mines in Africa and, to a lesser extent, North America, also exerted downward pressure on spot prices.