Gold and silver ETFs experienced a sharp decline following a significant selloff in precious metals, with spot gold falling 5.4% and silver dropping 10.7%. This correction was attributed to a strengthening US dollar and profit-booking after a strong January rally. Experts advise caution due to near-term volatility but maintain a bullish long-term outlook.
Gold heads for weekly loss amid oil-driven inflation concerns
Gold prices held steady Friday, but a weekly dip was likely as soaring oil prices fueled inflation concerns, impacting interest rate expectations. Meanwhile, geopolitical tensions