Gold, Silver Prices Plummet Amid Rising Oil, Strong Dollar
The price of gold and silver has fallen in response to rising oil prices, a strengthening US dollar, and higher bond yields. Gold was down 1.57% at $4,253.40 an ounce on the international market, while silver declined 2.76% to $63.01 an ounce.
The decline follows losses for both metals last week. COMEX gold futures for December delivery fell $103.70, or 2.34%, to settle at $4,321.20 an ounce, and silver declined $2.35, or 3.5%, to $64.80 an ounce.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said that gold remained highly volatile last week, trading within the ₹1.5-1.54 lakh per 10 grams range and ending lower by more than 2% as profit booking from higher levels continued.
The US dollar index has climbed to around 101.39, its highest level in two months, which can weigh on demand for dollar-denominated commodities like gold.