Precious metals futures experienced a decline amid rising oil prices driven by conflicts in the Middle East and the ongoing situation in Ukraine. As of 14:09 ET, gold futures dropped 3.3%, closing at $3,885.70 per troy ounce, marking the lowest close since October 3, 2025. Similarly, silver prices fell 5.9% to $49.097 per troy ounce, reaching their lowest level since November 7, 2022.
The market downturn has raised concerns regarding inflation and the possibility of higher interest rates. Peter Cardillo, an economist at Spartan Capital, suggested that part of this selloff may be linked to a recent cryptocurrency hack, which he believes has sparked a flight to cash and added selling pressure on precious metals.
These developments were published in the latest Market Talks covering Basic Materials, released exclusively by Dow Jones Newswires at various times throughout the day.
