Gold and silver prices plunged yesterday as the war in the Middle East continues to lift energy prices, fuelling inflation concerns and diminishing the chances of a Federal Reserve rate cut.
Spot gold tumbled as much as 6 per cent to test the pivotal $4,500-an-ounce level – last seen post the end-of-January crash. The yellow metal has now declined for seven straight sessions, its longest losing streak since 2023, and is over $1,000 off its record high from nearly two months ago.
Silver, meanwhile, fell over 10pc to below $66 an ounce, its lowest since late December. The metal is now down by more than 45pc from its peak of $121.65 set in January.
Soaring crude and gas prices from the ongoing Middle East conflict have become a key driver behind the precious metals’ declines in recent days, as they add inflationary pressures to the global economy.
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