Precious Metals Market Update

The precious metals market experienced a decline on Thursday, largely influenced by the release of stronger-than-expected US producer inflation data. This development could potentially delay any rate cuts by the Federal Reserve in the near future, impacting investor sentiment.

Among the precious metals, gold took a significant hit, dropping by 1.01% to trade at $2,690.31 per ounce. Meanwhile, silver also saw a decline, losing 0.90% to settle at $31.59 per ounce.