Crude Oil Surge Puts Gold and Silver Prices Under Pressure

Gold and silver prices have tumbled over 4% as rising crude oil prices, changing expectations around US interest rates, and broader market uncertainty weigh on precious metals.

The COMEX gold price fell 0.86% to $4,369.40 an ounce, while the COMEX silver price dropped 1.57% to $63.91 an ounce.

Crude oil prices surged, with Brent crude moving above $108 a barrel and US West Texas Intermediate crude crossing $103 a barrel, raising concerns about inflation and its impact on the US Federal Reserve's interest-rate decisions.

The outlook for US monetary policy is a key factor influencing bullion prices. Stronger-than-expected US employment data has increased expectations of higher interest rates, pushing up bond yields and making non-yielding assets like gold relatively less attractive.