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Prices for precious and industrial metals are falling across the board as hopes fade that the U.S. Federal Reserve will deliver an interest rate cut in December.

Prices for gold, silver, copper, platinum and palladium are each down more than 2% on Nov. 14 as investors around the world reset their expectations for interest rate cuts.

Silver's price was down as much as 5% and palladium's price was down 4% in early trading, falling alongside stocks and cryptocurrencies.

Lower interest rates are typically a tailwind for metals as they reduce the opportunity cost of holding the commodities.

Gold and silver, in particular, had benefitted this year from expectations for lower interest rates, with the price of each precious metal rising more than 50% and hitting all-time highs.

The steep decline in metal prices comes as hopes fade for another rate cut from the U.S. central bank at the conclusion of its policy meeting on Dec. 10.

Futures markets are now placing the odds of a December rate cut at 49%. A month ago, the market was placing the odds of a 25-basis point interest rate cut at 95%.

The shift in outlook comes after hawkish comments from Federal Reserve Chair Jerome Powell, who has said that a December interest rate reduction is not guaranteed.

At the same time, a lack of economic data out of Washington, D.C. has made forecasting difficult and added to the uncertainty surrounding U.S. monetary policy.

Diminished hopes for another interest rate cut before year's end has led to a sharp selloff of most assets, with stocks around the world lower.

Technology stocks tied to the artificial intelligence (A.I.) trade such as Nvidia (NASDAQ: $NVDA ) and Meta Platforms (NASDAQ: $META ) are being particularly hard hit.