Gold and silver fall as oil and rate concerns weigh

Gold and silver prices fell sharply on Monday, September 28, as rising oil prices, higher bond yields and expectations of another U.S. Federal Reserve rate increase weighed on precious metals. On India’s Multi Commodity Exchange, September silver futures fell Rs 6,661 to Rs 2,28,035 per kilogram, while October gold futures dropped Rs 3,214 to Rs 1,47,667 per 10 grams, according to market reports. International gold prices also declined during Monday trading, though reported figures varied by observation time. Spot gold was reported down 1.1% at $4,236.33 an ounce in one snapshot and down 3% at a low of $4,156.45 in another. Those figures reflect different points in the session, rather than a single confirmed closing price. Silver also fell internationally, with reported declines ranging from 1.7% to nearly 5% in separate updates. Market reports and analysts linked the selloff to a combination of higher crude prices and Treasury yields, a firm U.S. dollar, and increased expectations that the Fed could raise rates again in October. These explanations describe market interpretations; the available reports do not establish the precise contribution of any single factor.