Gold Falls Below $4,100, Silver Drops 6% as Hot CPI Lifts Fed Rate Hike Bets
Gold fell below $4,100 an ounce late Wednesday, dropping 1.47% to $4,098.80. Silver plunged 6.16% to $55.410 as hotter than expected U.S. CPI lifted Treasury yields and the dollar while increasing expectations for further Federal Reserve tightening. The inflation data drove heavy selling across precious metals.