Commodities
Gold and Silver Prices Tumble Amid Rising Oil Costs and Fed Rate Hike Expectations
The prices of gold and silver have declined due to rising crude oil costs, higher Treasury yields, and expectations of Federal Reserve rate hikes. Spot gold dropped by 0.83% to around $4,368.60 an ounce, while silver fell by 0.32% to $65.83.
The market is balancing inflation risks against geopolitical safe-haven demand, with precious metals trading within technical resistance and support levels.
Geopolitical tensions in the Strait of Hormuz have driven up oil prices, adding to inflation concerns that are pressuring gold and silver.