Gold and silver prices fall sharply as higher bond yields weigh on metals - CNBC

AI desk brief

Gold and silver fell sharply as surging global bond yields and renewed Fed hike expectations hit non-interest-bearing metals. Gold futures dropped 3.34% to $4,176.80 and spot gold fell 3.27% to $4,145.88 around 5:40 a.m. ET, while silver futures slid 5.1% to $61.52/oz and spot silver lost 4.92% to $61.11/oz.

The selloff also dragged mining shares lower in premarket trading, with Sibanye Stillwater down 7.92%, Harmony Gold off 7.49% and Newmont down 4.72%. Max Baecker of American Hartford Gold said tighter policy would keep pressure on gold if inflation eases, but argued that sticky inflation or economic stress could preserve demand; he also pointed to record central bank buying of 289 tonnes in Q2 as a longer-term support factor.