High interest rate expectations triggered a sell-off in precious metals! Silver plunged 9% in a single day, breaking below the $80 mark.

① Gold prices fell to a more-than-one-week low on Friday, with silver prices plunging below the $80 per ounce threshold; ② The yield on the US 10-year Treasury bond and the US dollar both strengthened. Inflation concerns fueled by escalating conflicts in the Middle East have reinforced market expectations for higher interest rates, weighing down precious metal prices.

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Shares of Precious-metals Related Companies Are Trading Lower as Rising Treasury Yields and a Stronger Dollar Pressure Gold Prices, Sending the Metal to a More Than One-week Low. Inflation Concerns Tied to the Conflict in the Middle East Also...

Benzinga00:57

What happened to cause significant volatility in the Japanese and Korean stock markets as well as in gold and silver?

Analysts pointed out that two major factors triggered the global market decline.

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