Gold, Silver Sink as Bond Yields Jump on Bessent and Trump's Debt - BullionVault

AI desk brief

Gold and silver sold off sharply as bond yields jumped, with 10-year US Treasury yields pushing to 4.93% and gold sliding from above $4,400/oz to $4,324 before stabilizing. Silver fell through $64/oz after topping $68, while platinum dropped 6.3% from a 14-week high near $1,930 and palladium slipped back through $1,300.

The move was driven by a tighter macro backdrop: the ECB raised rates 25bp to 2.50% while saying inflation remains well above target, US PPI for August printed above forecasts at 5.4%, and jobless claims stayed near multi-decade lows. WPIC’s Edward Sterck said precious metals are moving in tandem and that the macro overlay is driving platinum more than its own fundamentals, despite a projected H2 2026 supply deficit.