Metals prices lower on disappointment with Fed rate cut

Metals prices plummeted Wednesday after Tuesday’s interest rate cut by the US Federal Reserve disappointed some traders, who had expected deeper cuts.

Among precious metals, April gold was down $58.80 to $945.50 per troy ounce in New York, a decline of around 6 percent on the session after gaining 3.3 percent in the past six sessions.

May silver, which was down by 8 percent at one point, fell $1.49 to $18.47 per troy ounce while April platinum dropped $81 to $1,887 per troy ounce.

Base metals also saw declines.

May copper was 11 cents lower to $3.63 per pound in New York, while three-month copper fell $276 to $7,940 per tonne in London even though London Metal Exchange stockpiles fell by 1,600 tonnes during the session.

Three-month lead was down $145 to $2,800 per tonne in late afternoon trade in London after going as low as $2,720 per tonne earlier.

Zinc was down $100 to $2,420 per tonne while nickel dropped $600 to $29.500 per tonne.