Oil Surges as Gold and Silver Prices Plunge on Rate Hike Fears

Gold and silver prices plummeted on Tuesday due to rising crude oil prices and a global bond selloff that pushed U.S. Treasury yields higher.

The surge in oil prices, driven by geopolitical tensions shutting down the Strait of Hormuz, increased inflation concerns and bond yields, negatively impacting precious metals.

Spot gold dropped 2.68% to around $4,327.70 an ounce, while silver fell 3.71% to about $63.95 an ounce, reflecting market expectations that the Federal Reserve may raise interest rates again this month.