Gold, Silver, Platinum – Precious Metals Decline As Treasury Yields Rise

Key Insights

• Gold managed to get below the $1850 level as traders reacted to the higher-than-expected U.S. inflation data. 
• Silver is testing the support level at $21.65.
• Platinum tested new lows amid a broad pullback in precious metals markets. 

Gold

Gold declined below the $1850 level as Treasury yields moved higher after the release of the U.S. inflation data. Inflation Rate and Core Inflation Rate exceeded analyst expectations, which was bearish for gold markets.

Silver

Silver is currently trying to settle below the $21.65 level. Silver markets were volatile after the release of inflation data. At this point, it looks that traders are ready to bet on a more hawkish Fed, which is bearish for silver and other precious metals.

Platinum

Platinum has also found itself under material pressure and tested new lows. RSI is close to the oversold territory, but there is enough room to gain additional downside momentum if Treasury yields continue to move higher.

For a look at all of today’s economic events, check out our economic calendar.