Precious metals slide after elevated US inflation reading

Precious metals slumped, yet again witnessing heavy selling pressure after elevated inflation reading in the US. The US inflation rose 0.4% from September to October. Higher energy costs driven by the Iran war have been the main factor behind increased inflation, which has been above an annualized 3% since the war started in late February. This pushed up the US bond yields and hurt Bullion counters. Gold fell from two week high and is down 1.45% at $4057 per ounce. MCX Gold has lost 1.27% at Rs 141343 per 10 grams..Silver shed 1.70% to slide under $52 per ounce. MCX Silver has dipped 1.61% at Rs 184114 per kg.

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