Gold Slides to $4,110 as Silver Falls

Gold fell about 3%–4% on Monday, Sept. 28, touching roughly $4,110 an ounce—its lowest level since Aug. 5—before partially recovering, and remained under pressure in early Tuesday trading. Silver and other precious metals also dropped; one estimate put gold and silver’s combined lost market value at about $1.05 trillion. High U.S. Treasury yields, with the 10-year yield reaching its highest level since 2007, and a firm dollar weighed on gold, while elevated oil prices stoked inflation concerns and expectations of further Federal Reserve rate hikes. The oil surge was linked to an impasse in U.S.-Iran talks after President Donald Trump rejected an Iranian proposal connected to reopening the Strait of Hormuz, adding to uncertainty over the conflict. Domestic gold prices and Indian gold and silver ETFs and futures also fell, while Indian equities were lower; investors are watching U.S. inflation and employment reports, central-bank comments, oil prices and developments in the Iran conflict for further market direction.