Gold and silver fall on US inflation, Fed rate worries
Business
Gold and silver prices slid this week, mostly thanks to rising US inflation and talk of more interest rate hikes from the Federal Reserve.
On Friday, gold dropped 0.3% to $4,200.82 an ounce (down 2.8% for the week), while silver slipped 0.4% to $67.11.
US producer prices surge, metals pressured
US producer prices just saw their biggest jump in over three years, making investors nervous about inflation and less interested in precious metals.
Even with news that U.S.-Iran tensions might ease, higher Treasury yields and a stronger dollar are making gold and silver less appealing right now.
Meanwhile, in Singapore, DBS Group announced it will introduce tokenized gold for retail buyers, showing there's still some fresh interest despite market challenges ahead.