Global Precious Metals Markets Experience Pressure Amid Crude Oil Price Surge

In the global markets, the pressure on precious metals was similar. Spot gold 33.74 fell nearly 1% to US $4 per ounce. Silver also fell 1.4% to US $1 per ounce. Rising crude oil prices became another hurdle for these metals. Pravin Singh, head of commodities at Mirae Asset Sharekhan, said that crude oil jumped due to supply concerns from West Asia. Gold slipped below US $4,274 per ounce in global markets. Rising US Treasury yields and the dollar index rising above 101 points also added to the pressure. Geopolitical risks also remained at the heart of the market. Iranian President Masoud Pezeshkian told the UN General Assembly that Tehran is a victim of terrorism and will not surrender. The British military's UK Maritime Trade Operations Centre reported on Wednesday that the opening of a shipping container in the Strait of Hormuz had increased uncertainty in the West Asia region.