London/New York
Precious metals tumbled on Wednesday as a stronger U.S. dollar and broad market sell-off weighed on investor sentiment. Gold fell more than 1%, retreating from recent highs, while silver dropped nearly 2%, extending losses across commodities.
Analysts said the dollar’s rally, driven by safe-haven demand and expectations of tighter U.S. monetary policy, made metals more expensive for holders of other currencies. Equity markets also slumped globally, amplifying risk-off sentiment.
“Investors are pulling back from metals as the dollar surges and equities wobble,” one market strategist told Reuters, noting that traders are watching upcoming U.S. jobs data for clues on Federal Reserve policy.
The sell-off highlights the fragility of recent gains in gold, which had benefited from geopolitical tensions and inflation concerns. Silver, often seen as both an industrial and investment metal, faced additional pressure from slowing manufacturing demand.
(Source – Reuters)
—Owned Source
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