Silver, gold tumble as stronger dollar hits precious metals
Spot silver and gold prices fell sharply as a stronger US dollar increased costs for foreign buyers.Summary
Spot silver plunged below $75 per ounce, marking a 15% drop in Asian trading, while gold fell 2% to $4,852, driven down by a strengthening US dollar, which is near an index of 98. This dollar strength makes dollar-denominated commodities like precious metals more expensive for international investors, thus reducing demand. The decline extends a volatile period for silver, which recently corrected sharply after hitting highs near $120 last month. Market volatility was also intensified by the nomination of Kevin Warsh as Fed Chair, which dampened expectations for further monetary easing; reduced easing increases the opportunity cost of holding non-yielding assets like gold and silver, keeping markets under pressure amid uncertainty about Fed leadership and rate cuts.
(Source：Crypto Briefing)