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Precious Metals Tumble as Inflation Fears Dampen Safe-Haven Appeal
Precious Metals Tumble as Inflation Fears Dampen Safe-Haven Appeal
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BTCCSquare news:
Gold and silver extended their declines, with gold dropping 5.9% to $289.20 an ounce and silver plunging 8.2% this week alone. The selloff has erased 13% of gold's value since its January peak of $5,318.40.
Industrial metals joined the retreat, with platinum and palladium shedding 17% and 15% respectively. The downturn reflects fading expectations for imminent rate cuts from major central banks, removing a key support for metals markets.
Market participants view the movement as a rotation away from traditional inflation hedges. The precious metals complex now faces its steepest correction since the 2023 banking crisis, with silver's 20% seven-day drop marking its worst performance in a decade.
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