International Gold and Silver Prices Plunge on Friday, Marking Steep Weekly Losses

Deep News06-06 15:57

International gold and silver prices experienced a significant decline on Friday, with both metals also recording substantial losses for the entire week.

Prices were weighed down by a combination of rising U.S. Treasury yields, a stronger U.S. dollar index, and subdued demand for physical gold in major consumer nations like India. These factors pushed gold prices to nearly erase all their gains for the year, while silver fell to its lowest point of the year.

At the close of trading, the August gold futures contract on the COMEX division of the New York Mercantile Exchange settled at $4,365.30 per ounce, down 3.10%. The July silver futures contract settled at $69.103 per ounce, marking a sharp decline of 6.58%.

For the week, the benchmark gold futures contract recorded a cumulative loss of nearly 5%, while the main silver futures contract plummeted by more than 8.9%.

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