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Precious metals decline

FXStreet (Mumbai) - The precious metals pack is trading lower in the US session today after the official data in the US showed a surprising increase in the price pressures in September.

Gold has declined by 0.48% to trade at USD 1245.70/Oz, while Silver has lost more than 1% to trade at USD 17.25.Oz. Gold prices have come under pressure tracking a rise in the US Treasury yields post the release of the US CPI data. Meanwhile, a rising dollar index is also pressurizing the metals pack. Silver prices are inching towards the lower end of its recent trading range of 17.00-17.50. The metal has repeatedly failed to rise above the USD 17.50 mark.

However, the precious metals may find support if the US equity markets weaken in the day ahead. The US ten-year treasury yields appear to have stabilized around 2.22-2.24%, which shall cap gains in the dollar index.

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