Precious metals plunge from dollar rally

Gold and silver fell for a third consecutive session, with both precious metals sliding to a more than one-month low.

In particular, prices for the December gold contract lost $13.40, or 0.8%, to settle at $1,736.30 an ounce, sliding to the lowest level since July 27.

December silver, meanwhile, fell 38 cents, or nearly 2.1%, to $18.287 an ounce. This is the lowest level since July 14 for the precious metal.

December copper lost 6 cents, or nearly 1.7%, to $3.551 a pound.

In terms of other metals, October platinum lost $22.20, or 2.6%, to $832.10 an ounce, while December palladium fell $42.50, or 2%, to $2,087.80. per ounce.

Expectations of more aggressive action by the Federal Reserve to control inflation have sent the dollar rallying and U.S. Treasury yields on an upward trajectory, hurting gold’s appeal as an alternative investment.

In Tuesday’s trading, the yield on the US 10-year note continued to gain ground, climbing to 3.12%. The ICE US Dollar Index, meanwhile, although losing about 0.1% today, is on track for a total gain of 2.7% this month.