Gold is getting slammed

Gold and silver are getting slammed.

On Thursday morning in New York, gold fell more than 2%, or about $US25.60 an ounce, to as low as $US1,148, the weakest level in about three weeks.

The precious metal is continuing a slide that started on Wednesday afternoon, when the Federal Reserve’s latest policy statement crossed. In early trading prior to that, it had risen to the highest level in about two weeks.

The Fed left interest rates unchanged, and expressed its willingness to hike in December if the economic and inflation data improve.

Other precious metals were also lower, with silver down as much as 4%, near $US15.64 an ounce, at a four-week low. Platinum was down by about 1.6%, near $US16.50.

Here’s a chart showing the fall in gold:

And in silver:

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