Gold XAUUSD slipped 0.20% to $4,416.10 an ounce, while silver edged up 0.18% to $67.27 an ounce. The move follows a steep rise in the two‑year Treasury yield to 4.15%, pushing the metal’s risk‑premium higher.
The metal hovered between $4,422.10 and $4,396.40, with the lower bound set by a 0.25% decline in the 10‑year yield. Silver’s swing ranged from $66.55 to $67.56, a spread that mirrors the broader market’s bid‑ask tightening.
A firmer dollar, trading at 83.20 against the euro and 73.10 vs. the yen, is adding pressure on dollar‑denominated commodities. The rise in U.S. Treasury yields is reshaping the risk‑return calculus for investors.
Analysts from JPMorgan and Citi expect the yield gap to remain in the 1.5‑2.0% corridor, which could keep gold’s price on a sideways track until PMI releases next week. Silver may find support if geopolitical tensions in West Asia flare up, but the current yield trajectory suggests a muted rally.
The next key data points are the U.S. manufacturing PMI on Friday and the durable goods orders on Monday, both of which could confirm or break the current rate‑path narrative. If the Fed signals a pause, gold could rebound, while continued yield hikes would keep the metal under pressure.