Silver Sinks to $65.78, Gold Falls to $4,292 as Iran Tensions Stoke Rate-Hike Fears
Updated
Updated · Forbes · Jun 9
Silver Sinks to $65.78, Gold Falls to $4,292 as Iran Tensions Stoke Rate-Hike Fears
3 articles · Updated · Forbes · Jun 9
Summary
$65.78 silver and $4,292 gold marked Tuesday afternoon lows not seen since late March, after both metals slid sharply intraday amid heavy selling.
Israel-Iran strikes, Trump's call for a U.S. response after an alleged Iranian attack on a U.S. Apache, and stronger expectations of Fed rate hikes drove the drop, analysts said.
Strong U.S. jobs data already pushed metals lower last week, with May payrolls rising 172,000 and unemployment holding at 4.3%, reinforcing bets the Fed will keep policy tight.
June has been especially brutal: silver is down more than 13% from the start of the month and nearly half from its late-January peak near $120, while gold has lost about 6% in June.
Wednesday's U.S. May inflation report is the next key test, with analysts warning an upside surprise could pressure gold and silver further.