Gold, Silver Prices Plummet Amid Inflation Surge and Rising Yields

The sharp decline in gold and silver prices on Thursday was attributed to hotter wholesale inflation, a surge in crude oil prices, and a jump in Treasury yields.

Spot gold fell by 1.90% to trade near $4,317.10 an ounce, while spot silver dropped by 5.46% to $63.50 per ounce.

The rise in wholesale inflation, led by energy and diesel costs, pushed up yields, making the opportunity cost of holding bullion elevated unless the Consumer Price Index (CPI) cools down enough to challenge the hike trade.

Precious metals traded as part of the inflation-and-yield shock rather than as safe havens, with gold falling through its 200-day EMA reference and testing the nearest-support area.