Gold and Silver Prices Crash by Nearly 5% on Strengthened US Dollar
The price of gold and silver took a sharp decline on September 29 due to several key factors. Gold prices dropped by nearly 5% over the past two days, with 24-carat gold reaching ₹147,570 per 10 grams. The price of silver also plummeted, touching lower levels after steep losses.
The strengthened US dollar made dollar-denominated gold and silver more expensive for buyers in other currencies, contributing to the decline. Additionally, a rise in US 10-year Treasury yields increased pressure on non-yielding precious metals, while rising crude oil prices impacted broader commodity market trends.
Investor profit-booking following previous rallies also added downward pressure on gold and silver. The current international rate for gold stands at $4,130.58/oz, while the spot price of silver is $60.42/oz.