Gold, silver slip after softer US inflation, West Asia tensions
Business
Gold and silver prices slipped on Wednesday after new US inflation data came in softer than expected, making investors rethink the chances of more interest rate hikes.
At the same time, tensions in West Asia kept things uncertain: gold fell 0.35% to $4,037.50 per ounce and silver dropped 0.34% to $57.235.
US producer prices fall, oil rises
Lower US producer prices for June made a Federal Reserve rate hike less likely, which usually helps gold, but not this time, thanks to a jump in oil prices and global market jitters.
Rising oil, now at $85.45 per barrel, fueled inflation worries as tensions between the US and Iran grew, while tech stock losses worldwide kept investors cautious.
Silver mirrored gold's move since it's used both as a precious metal and in industry.