Gold, Silver rate today live updates: Gold drops more than 2 % as oil surge boosts US rate hike bets - timesofindia.indiatimes.com

AI desk brief

Gold dropped 2.1% to $4,198.10/oz and US gold futures fell 2.1% to $4,231/oz as a surge in oil prices revived inflation concerns and pushed markets toward a higher-for-longer Fed view. Brent rose about 2% to $106.50/bbl after US-Iran/Strait of Hormuz tensions, while investors now look to US data including JOLTS, ADP, PCE and payrolls for the next rate cue.

The move was broad-based across precious metals: silver fell 2.6% to $62.64/oz, platinum lost 2.1% to $1,741.45 and palladium declined 2.1% to $1,239.95. KCM Trade’s Tim Waterer said high bond yields and high oil prices continue to weigh on gold.