Gold, Silver Prices Fall as Oil Rises, Fed Rate Uncertainty Lingers
Gold and silver prices declined in international markets on September 11 due to rising crude oil prices and uncertainty over the US Federal Reserve's interest rate path.
The COMEX gold price fell by $37.90, or 0.86%, from the previous close, reaching $4,369.40 an ounce. Silver also dropped by $1.017, or 1.57%, trading at $63.91 an ounce.
Recovery in oil prices is seen exerting pressure on gold, according to Vedika Narvekar of Anand Rathi Share and Stock Brokers. She expects international gold prices to remain between $4,340 and $4,450 an ounce.
A weaker US dollar has provided some support for gold, while strong inflows into gold ETFs have reinforced investor demand. However, a hotter-than-expected US inflation reading could push up bond yields and limit the upside in gold and silver.