Spot gold drops nearly 2% and silver falls over 5% amid rising yields

Spot gold fell 1.9% to $4,316 per ounce, while spot silver declined 5.5% to $63.56 per ounce on September 11. The downturn is attributed to WTI crude oil breaking the $100 per barrel threshold and rising U.S. Treasury yields, which pressured dollar-denominated precious metals. Recent U.S. PPI data has increased expectations for monetary tightening, with federal funds futures indicating a 72% probability of a Federal Reserve rate hike next week. Markets are now focused on the upcoming U.S. CPI report to gauge further impact on gold prices.