Weekly Metals Decline, US Stocks Rise Amid Ongoing Inflation Concerns

Gold and silver prices fell on their weekly charts, while oil declined as well. Overseas metals broadly decreased, but LME tin rose by over 1%. In contrast, LME zinc dropped nearly 2%.

The US dollar index also saw a decline of 0.21%, closing at 101.03. However, it posted its second consecutive weekly gain with an increase of 0.81% for the week.

Cleveland Fed President Beth Hammack attributed the recent rise in US Treasury yields to higher real rates, a strong economic outlook, fiscal policy, and competition for investor funds. She warned that inflation expectations remain well anchored but urged the need for continued restrictive monetary policy to drive inflation back to 2%.