Precious metals extended their downward run on Monday. The decline was mainly driven by escalating Middle East tensions, which pushed up oil prices and heightened concerns over further Federal Reserve rate hikes. Remarks from Fed Governor Christopher Waller further lifted market expectations for a rate increase in July.
Meanwhile, both the US dollar index and US Treasury yields trended higher. By settlement, the COMEX Gold 2608 contract closed at $4,008.7 per ounce, down 2.55%; the COMEX Silver 2609 contract finished at $57.98 per ounce, down 3.63%.
