On May 15, 2023, gold prices on the Comex fell by $171 per troy ounce, marking a two-week low, while silver prices dropped $9.16 to $76.17 per ounce. This decline is attributed to a strengthening US dollar and persistent inflation, which dampened expectations for near-term Federal Reserve rate cuts. Both metals are set to conclude the week with significant losses, with gold down 4.15% and silver down 5.48%. Earlier this week, silver had reached its highest level in two months, but rising oil prices have since erased much of its gains. According to Manav Modi, a commodities analyst at Motilal Oswal Financial Services, the combination of higher energy prices, a stronger dollar, and increased US Treasury yields has negatively impacted sentiment for gold and silver. The CME Group’s FedWatch tool indicates that expectations for interest rate cuts have diminished, further influencing the market. On the domestic front, MCX gold futures fell by ₹3,828 to ₹1,58,150 per 10 grams, while silver futures dropped ₹22,598 to ₹2,68,504 per kilogram. Despite the recent declines, geopolitical uncertainties and inflation risks may provide long-term support for precious metal prices.