Goldman Sachs released a constructive report on precious metals. The bank forecasts that central banks will increase gold purchases to provide a market cushion.
Persistent inflation concerns fuel expectations that the Federal Reserve will maintain higher interest rates. Strong official sector demand may offset the impact of rising bond yields and a strong U.S. dollar.
Silver prices declined to approximately $76 per ounce. Easing geopolitical tensions in the Middle East further reduced safe-haven demand.