Oil Prices Hammer Gold and Silver to 7-Week Lows

Gold and silver prices plummeted on Monday to their lowest levels in about seven weeks as investors reacted to increased oil prices, higher bond yields, and growing expectations of prolonged high interest rates.

The spot price of gold fell around 3% during the session, dipping below $4,200 per ounce for the first time since August 5. Silver fared even worse, dropping more than 4% at one point and sliding toward the $61-$62 area.

The sharp decline erased a significant amount of market value in a short period, continuing a challenging stretch for both metals after they had begun losing momentum last week.