Hot Producer Price Data Triggers Rate-Hike Bets, Sending Gold and Silver Prices Plummeting

Gold and silver prices declined sharply on Thursday as hotter U.S. wholesale inflation data sparked rate-hike bets.

The U.S. Bureau of Labor Statistics reported the August Producer Price Index (PPI) rose by 0.8% in August, exceeding expectations.

This increase in PPI has led to a surge in Treasury yields and a strengthening dollar, making gold and silver less attractive to investors.

Gold futures fell $23.30 to $1,715.40 per ounce, while silver futures declined by 74 cents to $19.41 per ounce.