Dollar Firms and Gold Falls as T-Note Yields Jump - TradingView

AI desk brief

Gold and silver are under heavy pressure today as the dollar firms (+0.55%) and Treasury yields jump, with the 10-year T-note yield hitting a 24-year high at 5.36%. December COMEX gold is down $62.50 (-1.49%) and silver is off $1.704 (-2.77%), with both metals at 2-month lows as higher real/rate expectations and a stronger USD hit the complex.

Offsetting some of the move, gold ETF holdings rose to a 4-year high and silver ETF longs hit a 6.25-month high, while the PBOC added 650,000 oz to reserves in August for a 22nd straight month of gold buying. Markets are pricing a 22% chance of a 25 bp Fed hike at the Oct. 27-28 FOMC, keeping rate pressure and dollar support in place near term.