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Darwin, September 8: Precious metal prices declined in the international market on Tuesday. In the spot market, silver prices fell 0.5% to $65.76 per ounce.
Reuters reported the development. According to the report, prices of platinum and palladium also declined alongside silver.
Platinum prices fell 0.2% to $1,821.36 per ounce, while palladium prices dropped 0.4% to $1,383.08 per ounce.
The pressure on precious metals is being attributed partly to changing expectations over US interest rates and cautious investor sentiment ahead of the release of key inflation data. The United States is scheduled to release its Producer Price Index (PPI) and Consumer Price Index (CPI) this week, data that could influence the Federal Reserve’s next policy decision.
Higher interest rates generally reduce the appeal of precious metals, which do not generate interest income. At the same time, rising oil prices have renewed concerns about inflationary pressures.
Meanwhile, gold prices also edged lower in Tuesday’s trading. Spot gold fell 0.3% to around $4,390.50 per ounce.
Source: Reuters
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