The drop in gold and silver over the past few hours is sparking speculation that the CPI report may have leaked early. Markets are expecting January CPI to show a 0.3% increase for both headline and core.
Metals have seen heavy outflows, with gold dipping to $4,900 and silver pulling back to $76. That puts them down roughly 2.8% and 10% on the session, respectively.
Whatever is driving the move, it is adding to the sense that nothing is safe right now.
The weakness is not limited to metals. WTI crude is also sliding back below $63, down about 2.6% on the session. Major US indices are in the red, and Bitcoin has fallen back below 66,000.
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