Precious metals slide amid inflation fears and weaker loonie - Canadian Coin News

AI desk brief

Gold and silver sold off sharply after U.S. CPI came in above expectations at 3.7% y/y for September, lifting Fed tightening fears and pressuring precious metals and Canadian miners. Gold fell to about C$5,845/oz (-1.1%) and US$4,084.80/oz (-1.6%), while silver dropped more aggressively to C$79.23/oz (-5.8%) and US$55.55/oz (-6.1%); early Thursday trade showed gold at C$5,890 and silver at C$80.18.

The move was amplified in Canada by a weaker loonie, which fell to about 70.11 U.S. cents from 71.90 cents a month earlier, partially cushioning bullion in CAD terms but raising costs for local buyers. The selloff also hit Canadian mining shares, with the TSX materials sector down 4.3%, underscoring the near-term bearish macro backdrop for bullion.