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Gold and silver prices drop sharply amid rising inflation and US-Iran tensions.

Market News
10 Jun 2026
Kitco
View Source
Bearish
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Gold and silver prices fell significantly following the May inflation report and escalating US-Iran tensions. Spot gold dropped 4.26% to around $4,078 an ounce, and silver fell 2.66% to about $63.60. Inflation data showed a 0.5% rise in consumer prices for May and a 4.2% increase year-over-year, with energy prices surging, partly due to Middle East supply risks. The geopolitical tensions in the Strait of Hormuz are driving oil prices higher and keeping Treasury yields firm, which dampens gold's safe-haven appeal despite ongoing risks. US equities also declined, led by tech stocks. The market now watches if gold can rebound above key resistance levels or fall further amid these pressures.

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