Spot gold fell more than 1.9%, approaching $3360 in early Asia-Pacific trading, and the Philadelphia Gold and Silver Index closed down nearly 1.3%.

On Wednesday, the New York spot gold fell by 1.91% to $3366.16 per ounce at the close, and in the Asia-Pacific session, it opened slightly higher at $3435.62 to refresh the daily high before quickly turning lower and significantly plummeting. It hit a low of $3360.32 at 09:33 and continued to oscillate at the low levels for the rest of the day. COMEX gold futures fell by 1.35% to $3376.50 per ounce, hitting a high of $3433.50 at 06:03 before quickly turning lower and hitting a low of $3367.00 at 08:49. The Philadelphia Gold and Silver Index fell by 1.27% to 189.30 points. Spot silver fell by 2.31% to $32.4550 per ounce, hitting a low of $32.2490 at 03:32 shortly after Federal Reserve Chairman Powell's press conference. COMEX silver futures fell by 2.32% to $32.605 per ounce. COMEX copper futures fell by 3.33% to refresh the day's low at $4.6125 per pound.