Why is silver price down today? - The Economic Times

AI desk brief

Silver fell 4.6% to $61.32/oz, while spot gold dropped 3.1% to $4,155.67/oz and hit its lowest since Aug. 5. U.S. gold futures for December fell 3.1% to $4,188.10; platinum lost 2.4% to $1,735.95 and palladium declined 3.4% to $1,224.39.

The move was driven by firmer oil prices, which stoked inflation fears and kept the market leaning toward additional Fed hikes, with CME FedWatch implying a 70.3% chance of a rate hike in October. A firm dollar and higher Treasury yields are lifting real yields and the opportunity cost of holding non-yielding bullion, while this week’s U.S. data slate (ADP, JOLTS, PCE and payrolls) is the next catalyst.