[MARKET UPDATE] Metal prices are on the back foot with spot silver down 2.8% and spot gold extending on session lows with losses of 1.3% after trickling beneath the USD 5,000/oz level

Metal prices are on the back foot with spot silver down 2.8% and spot gold extending on session lows with losses of 1.3% after trickling beneath the USD 5,000/oz level.

The decline in metal prices, particularly gold and silver, indicates weaker demand or heightened selling pressure, potentially linked to strengthening USD dynamics. The breach of the USD 5,000/oz level for gold may prompt further selling and signal a shift in sentiment, which can also impact inflation expectations and other asset classes.