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Prices for Gold and Silver Fall

90

Gold and silver are worth less today. One fine ounce of gold costs about 4,300 dollars now. This is 4 percent less than on Friday.

Silver also became much cheaper. The price dropped by 5 percent to about 64 dollars. Experts say: Interest rates will probably stay high. This is bad for precious metals.

At the same time, oil gets more and more expensive. One barrel of oil now costs over 100 dollars. The reason is the war in Iran. Shipping in the sea arm of Hormuz is blocked.

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Definitions

Fine Ounce
A fine ounce is a measure for the weight of precious metals like gold. A fine ounce weighs exactly 31.1 grams.
Interest Rate
Interest rates are money you get when you lend money. Or money you pay when you borrow money.
Precious Metal
Precious metals are valuable metals that do not rust. Examples are gold and silver.

Locations

Iran
Iran is a country in Asia. There is currently a war there.
Strait of Hormuz
Hormuz is an important sea arm. Ships bring oil from the Middle East to the whole world there.

Sources

Südtirol News

Gold- und Silberpreise fallen erneut deutlich

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ORF

Gold- und Silberpreis fallen erneut deutlich

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ANSA

++ Prezzo petrolio sale ancora, Wti scambiato a 100,68 dollari ++ - Notizie - Ansa.it

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