Precious Metals Plunge Amid Rising Bond Yields and Strong Dollar

Precious metals plummeted on September 10 as bond yields and the dollar gained strength. Comex gold fell 1.68% to below $4,386 per ounce in afternoon trade, while silver declined 5.37% to hover just above $65 per ounce.

The domestic gold futures for the October contract dropped nearly 1% to Rs 1,52,249 per 10 grams during the evening session. Silver slipped 3.63% to Rs 2,35,347 per kilogram from its previous close.

Jateen Trivedi, VP Research Analyst at LKP Securities, noted that gold traded weakly and with volatility as profit booking emerged amid rising bond yields and a stronger dollar.