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Gold, Silver Prices Drop Amid Stronger Oil Risk Premium and Higher Yields

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Gold and silver prices dropped on Tuesday as a stronger oil risk premium and higher long-end yields countered reduced market bets on a September Federal Reserve rate cut.

The spot gold price hovered near $4,390.40 per ounce, down 0.58%, while the spot silver price fetched $64.890, sliding 1.17% on the day.

Nohshad Shah, head of EMEA fixed-income sales at Citadel Securities, noted that inflation has virtually no room to ease in a supply-shock setting.

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