Commodities
Gold Prices Plunge Amid Rising US Treasury Yields and Dollar Strength
Gold and silver prices declined further on Tuesday after Monday's sharp sell-off due to rising US Treasury yields, a stronger dollar, and concerns over inflation.
The COMEX gold price was at $4,167.50 an ounce, down marginally by $0.90, or 0.02%, from its previous close. The contract moved between a high of $4,168.60 and a low of $4,145.20 an ounce.
COMEX silver was trading at $61.165 an ounce, down $0.553, or 0.90%. It touched a high of $61.245 and a low of $60.810 an ounce.
Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., attributed the recent pressure on precious metals to interest rates rather than fading safe-haven demand.