Gold and Silver Tumble Amid Rising Treasury Yields and Crude Oil Prices
Gold and silver both experienced sharp declines in price yesterday, while crude oil prices rose sharply amid renewed tensions between the US and Iran.
The gold price dropped by 1.77% to settle at Rs151,729 as elevated US Treasury yields reduced the appeal of non-yielding bullion. The US dollar index regained positive momentum amid a global bond selloff, with rising sovereign borrowing costs across Europe adding further pressure on precious metals.
The silver price fell by 1.95% to settle at Rs235,441 as rising crude oil prices and higher bond yields intensified inflation concerns and strengthened expectations of tighter monetary policy.
Crude oil prices rose sharply by 4.75% to Rs8,536 due to renewed US-Iran military exchanges, which intensified concerns over energy supply disruptions and shipping through the Strait of Hormuz.