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Gold and Silver Prices Plummet as Oil Rebounds and Inflation Concerns Rise

Guavy AI Editorial Team
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USD
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Gold and silver prices plummeted in early US trading on Monday as oil prices rebounded and inflation concerns rose, leading to higher expectations for another Federal Reserve rate increase.

The spot gold price fell by 2.78% to around $4,165 an ounce, while spot silver dropped by 4.49% to near $61.29 an ounce.

Market positioning has shifted in favor of higher US interest rates, with traders now seeing a 68-70% chance of another rate increase in October.

The data calendar is packed this week, with key releases including JOLTS job openings, ADP private payrolls, and the September nonfarm payrolls report.

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