International prices for gold and silver experienced a sharp decline on the 18th, driven by increasingly hawkish monetary policy signals released by the U.S. Federal Reserve following its meeting concluded on the 17th.

The price for August delivery gold futures on the New York Mercantile Exchange approached $4,200 per ounce on the 18th, with losses at one point exceeding 3.5%. Meanwhile, July delivery silver futures dropped below $66 per ounce, with an intraday decline surpassing 6.5%.

On the 17th, the Federal Reserve maintained the target range for the federal funds rate at 3.5% to 3.75%. The economic projections summary released after the meeting indicated a significant increase in the number of Fed officials forecasting an interest rate hike this year. Market participants interpreted this as a clear shift towards a more hawkish policy stance, effectively ruling out the possibility of an interest rate cut in 2024. Following the Fed's rate decision announcement, U.S. Treasury yields rose and the U.S. dollar strengthened.