Gold drops as US dollar strengthens and 10-year yields rise
Business
Gold just took a dip, trading at about ₹158,547 per 10gm on MCX.
Globally, gold fell 3.7% last week to $4,540 an ounce, mostly because the US dollar got stronger and Treasury yields shot up.
The US 10-year Treasury yield hit 4.54%, making gold less attractive for investors.
Silver falls over 5% globally
Silver prices dropped even harder, over 5% globally to $76 an ounce, with MCX silver at ₹271,886 per kilogram.
The main reason? US inflation came in hotter than expected, so markets now think the Federal Reserve may keep rates higher into next year.
Add in high crude oil prices and ongoing geopolitical tensions, and it's a tough time for precious metals right now.