Gold and Silver Market Value Drops by $1 Trillion Amid Rising Rate Hike Expectations

Gold and silver experienced a combined market value loss of approximately $1.05 trillion on Monday, with gold falling 2.9% and silver dropping nearly 5%. The decline is driven by increased market expectations for an October Federal Reserve rate hike, rising 10-year Treasury yields, a stronger US dollar, and inflationary concerns linked to oil prices. Gold has fallen below $4,200, with technical indicators suggesting a potential further decline toward a $3,943 target, while silver has broken below its key support level of $62.87.