Gold falls $62.60, silver slips as investors await US inflation
Business
Gold and silver prices slid on Wednesday, with gold dropping $62.60 to $4,223.80 per ounce and silver down $0.31 to $64.93.
Investors are playing it safe ahead of key US inflation data, while a stronger dollar and rising oil prices are making metals less attractive.
Oil rise raises US rate odds
Tensions in West Asia have pushed oil prices up, adding to inflation concerns and raising the chance of a US interest rate hike later this year (now over 70%, according to CME FedWatch).
Higher rates usually mean gold and silver lose some shine since they don't pay interest.
As Prithviraj Kothari from RiddiSiddhi Bullions puts it, everyone's watching the upcoming inflation reports for clues on where metal prices go next.