Commodities
Gold and Silver Prices Plummet as Dollar Rallies
The price of gold declined by 8.5% in September and silver dropped by 13.5%, despite new US data showing a stronger-than-expected economy with slower inflation, which led to falling bond yields.
In London, the prices of gold and silver spiked briefly on Wednesday after the release of new data, jumping 0.6% and 1.0% respectively in just five minutes.
The surge was short-lived, as the US dollar rallied and crude oil prices rose, causing the prices to fall back down.
Conventional 10-year Treasury yields showed their steepest monthly rise since September 2023, adding 0.49 percentage points per annum to Washington's borrowing costs.