Gold Falls More Than 1%, Silver Slides 3%
Summary
- Spot gold fell more than 1%% to $4,277.99 an ounce.
- Spot silver slumped 3%% to as low as $66.06 an ounce.
- Markets said easing demand for safe-haven assets, profit-taking, the Federal Reserve, US Treasury yields, and geopolitical risks are the main variables for gold and silver prices.
Forecast Trend Report by Period
Gold and silver prices fell sharply, pressured by softer demand for safe-haven assets and profit-taking.
Walter Bloomberg reported on June 9 that spot gold dropped more than 1% to $4,277.99 an ounce.
Spot silver slumped 3% to as low as $66.06 an ounce.
Gold and silver had recently rallied on geopolitical tensions in the Middle East and inflation concerns. Prices came under pressure as sentiment toward risk assets improved and some investors took profits.
Hopes for progress in negotiations between the US and Iran, along with the possibility of easing tensions in the Middle East, weakened demand for safe-haven assets.
Markets are watching the Federal Reserve's policy outlook, US Treasury yields and geopolitical risks as key drivers for gold and silver prices.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
