Precious Metals Recovered After The Fed Chair Keeps His Cards Close
The prices of precious metals, including gold and silver, have been recovering Wednesday early morning on July 1st, 2026, after the Fed chair Kevin Warsh rejected to give any hint about future interest rates.
Gold is currently trading above $4090 per ounce, while silver at slightly above $60, on Wednesday morning, after previously the Fed chair Kevin Warsh gave no hint of the central bank's likely course at its July gathering when he took part in a panel today in Portugal, at the European Central Bank forum on Central Banking.
In comments carried by CNBC, Warsh stressed that every central banker present shares a commitment to price stability, even if it isn't their only mandate. He said the recurring theme he had picked up over the preceding days was a willingness to stay open-minded about artificial intelligence and productivity, but added that, whatever the uncertainties, everyone in the room recognized that prices had climbed too far.
The Portugal panel marked just the second occasion on which Warsh has spoken publicly since lawmakers confirmed him in May, his only earlier outing was a press conference following a policy meeting two weeks prior.
The Fed has kept interest rates flat all year while officials weigh how firmly inflation has embedded itself and gauge the wider economic backdrop. The ECB diverged from that stance, nudging its main rate up by 25 basis points to rein in rising prices. The Bank of England and Bank of Canada, like the Fed, have stood pat in 2026 following the cuts they delivered in 2025.
Warsh's unwillingness to telegraph the July call is consistent with the approach he has taken since presiding over his first meeting last month, when the committee opted to keep the benchmark parked at 3.5%-3.75%. At the same time, he rolled out five task forces charged with reviewing how the Fed functions, spanning matters such as inflation, communication, and how productivity is measured.
Due to this news, metal traders have felt some relief, and as a result, the prices of precious metals have slightly recovered. Miner stocks are also recovering at the time of this article's publication.
Related assets: Gold, Silver, Palladium, Platinum