Comex gold and silver futures extended their losses for a third consecutive session on Tuesday, pressured by a strengthening US dollar and rising market expectations of a Federal Reserve interest rate hike.
The repricing of monetary policy outlook has dampened investor appetite for non-yielding assets, pushing precious metals lower.
53. The industrial metal faced steeper selling pressure, with silver experiencing an 18% loss over a recent period, highlighting the vulnerability of speculative positions in the complex.
Gold futures fell to $4,108 per ounce, while silver dropped to $61.53.
The industrial metal faced steeper selling pressure, with silver experiencing an 18% loss over a recent period, highlighting the vulnerability of speculative positions in the complex.
The broad-based decline in precious metals reflects a broader risk-off sentiment as traders adjust portfolios for a higher-for-longer rate environment.
The move comes as the US dollar gains ground globally, making dollar-denominated commodities more expensive for foreign buyers.