Gold, Silver Prices Plummet: What's Driving the 3-Day Decline?

• Gold and silver prices experienced significant drops for three consecutive days, with MCX Gold Futures falling 3.22% and Silver Futures down 6.46%.
• Global market selling, driven by US Federal Reserve Chair nomination Kevin Warsh and increased CME margins, pressured domestic prices.
• Physical gold prices softened in major Indian cities, though 24-carat gold remained above Rs 15,000 per gram in metros.
• Silver saw a more significant fall (6% in spot market) due to a sharp correction after outperforming gold in the past year.
• Global factors like a strong US dollar, higher US Treasury yields, and US producer inflation data contributed to the decline, forcing traders to reduce positions.

Why It Matters: Gold and silver prices are falling due to global market selling, hawkish Fed outlook, and strong US economic indicators.