Precious metals slump as dollar gains strength.

Gold and silver prices hit multi-week lows due to a bearish trifecta of rising U.S. Treasury yields, lower crude oil prices, and a solidly up U.S. dollar index. Trader and investor risk appetite has also increased, which is negative for the safe-haven metals. The U.S. debt-limit extension talks are reportedly going better, bringing optimism to the markets. However, potential negatives are still lingering, including a still-hawkish Federal Reserve, recession concerns, and U.S. and European banking jitters.