Prices of Gold, Silver fall in International Markets
New Delhi, June 8: The prices of Gold and Silver fell in international markets today, extending steep losses from last week.
Gold futures on COMEX were trading at USD 4,334.50 an ounce, down USD 30.80, or 0.71 per cent, while silver slid 2.49 per cent to USD 67.39 an ounce.
The price fall came against the backdrop of strong US economic data prompting investors to dial back expectations of near-term interest rate cuts and the rising oil prices diverting attention away from Bullion.
The declines followed a sharp correction last week, when gold shed nearly 5 per cent and silver dropped about 9 per cent, after stronger-than-expected US labour market data pushed Treasury yields higher and reduced bets that the Federal Reserve would ease monetary policy soon.
Market sentiment remained cautious today, with investors bracing for interest rates to stay elevated for longer.
Higher borrowing costs tend to weigh on non-yielding assets such as gold and silver, reducing their appeal relative to interest-bearing investments.
Broader financial markets also added pressure.
Asian equities fell, led by losses in technology stocks, while the US dollar strengthened and Treasury yields stayed high, creating further headwinds for precious metals.
At the same time, geopolitical tensions in West Asia lifted oil prices, drawing investor focus toward energy markets.
Brent crude rose above USD 95 a barrel after Israeli strikes on Beirut and subsequent missile attacks by Iran, stoking concerns about supply risks and persistent inflation that could keep global monetary policy tight.
