Forex
Gold and Silver Prices Slip as Oil Values Rise
Gold and silver prices declined on Tuesday as rising oil values and higher Treasury yields weighed on the metals complex.
The spot price of gold hovered around $4,392.60 per ounce, a decline of 0.28%, while spot silver was near $65.74, off 0.47% on the day.
The robust August employment report and upcoming inflation readings are key factors in current market positioning, with futures markets implying a roughly 60% likelihood of a rate increase next month following the 162,000 gain in nonfarm payrolls.
Thursday's Producer Price Index and Friday's Consumer Price Index will determine whether price pressures are sufficient to back this expectation.