Gold and Silver Prices Plummet by Over $550 Billion as Bitcoin Tumbles

Gold and silver prices plummeted by more than $550 billion over a three-hour period on September 28, as bond yields rose and rate-hike bets increased. Comex gold futures fell 2.11% to $4,197.40 an ounce, while silver dropped 3.59% to $62.47.

The sharp decline was partly due to the rise in inflationary pressures, with Brent crude climbing 2.52% to $107 a barrel. This, in turn, fueled rate expectations, with the CME Fedwatch tool showing a 68.1% probability of a 25 basis point Federal Reserve hike in October.

Bitcoin's price also dropped, sliding to an intraday low of $82,780, a 2.7% decline over the same period as metals were bleeding. However, it quickly recovered and was trading above $83,000 at press time.