Gold and silver remain under pressure as rising Treasury yields, a stronger U.S. dollar and inflation fears weigh on demand, while key support zones in both metals decide the next move.
Gold edged higher on a possible technical recovery after front-month gold futures settled down 1% overnight.
Spot gold and silver prices are sharply lower after the close Tuesday, as rising Treasury yields, a firmer U.S. dollar and persistent oil-linked inflation concerns offset safe-haven demand tied to the Strait of Hormuz.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
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Gold rose in early Asian trade amid hopes for a U.S.-Iran peace deal that could lead to lower oil prices.
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Silver extended its decline for a third consecutive session on Monday, with XAG/USD trading around $74.20 per troy ounce during Asian hours. Investors reacted to India's surprise restrictions on silver imports, rising expectations of another Federal Reserve rate hike and weaker investment demand projections from UBS.
Gold consolidated in early Asian trade, but may be weighed by expectations of Fed rate increases that typically reduce the allure of the non-interest-bearing precious metal.
Joe Cavatoni of the World Gold Council breaks down the latest moves in the metals market. He points to geopolitical tensions and Middle East driving prices in the yellow metal higher.
Inflation pressure, rising Treasury yields, and uncertain U.S.-China trade signals keep markets volatile as investors assess the outlook for the U.S. dollar, gold, silver, U.S. stocks, Nvidia, Tesla, and Boeing.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.