In conclusion, the decline in gold and silver prices is a result of the hot inflation print and the ongoing US-Iran conflict. The precious metals are facing challenges amidst rising US producer prices and escalating tensions in the Middle East. Investors are adopting a cautious approach, with the key outside markets indicating a firmer US dollar index and rising crude oil prices. The technical analysis suggests that the spot gold and silver prices are likely to remain volatile, with the bulls and bears engaging in a tug-of-war to determine the next direction of the precious metals.
Gold, silver edge lower as PPI stays hot - Kitco AM Report
Key Points
- Gold and silver prices have edged lower due to a hot inflation print
- The US-Iran conflict continues to support the oil-risk premium
- The US producer prices rose by 1.1% in May and 6.5% from a year earlier
- The technical analysis suggests that the spot gold and silver prices are likely to remain volatile
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Source: KITCO
CJPN24 AI Desk
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