Precious Metals Under Pressure: How Rising Treasury Yields Are Affecting Gold, Silver, and Platinum
- Shams ul Zoha
- February 4, 2023
- 5:47 pm
WHAT YOU SHOULD KNOW
- The release of the U.S. Non-Farm Payrolls report has put gold, silver, and platinum under pressure.
- Rising Treasury yields and a strong U.S. dollar have caused a bearish momentum in the precious metals market.
- Traders are now seeking opportunities and keeping a close eye on the Federal Reserve’s future policy decisions.
The release of the U.S. Non-Farm Payrolls report has put gold, silver, and platinum under intense pressure as Treasury yields rallied and the U.S. dollar gained against a broad basket of currencies. The result was bearish for the precious metals markets and traders are now preparing for a more hawkish Federal Reserve.
Gold
Gold, the most sought-after precious metal, has been under strong pressure as it tries to settle below its current trading range. The rally in Treasury yields and the strong U.S. dollar has put a damper on gold’s price, and traders are now looking for new opportunities to capitalize on the situation.
Silver
Silver is also breaking towards the downside and is moving towards the $21 support level. The bearish momentum is strong for the silver metal.
Platinum
Platinum, a rare and precious metal, has dropped below the $1000 level and reached the support of $980 in the midst of a widespread decrease in the precious metals market. Traders are keeping an eye on the strong resurgence of the US dollar, and if platinum falls below $980, it is likely to move towards $950.
In conclusion, rising Treasury yields and a strong U.S. dollar are putting significant pressure on the precious metals markets, causing gold, silver, and platinum to experience bearish momentum. Traders are now looking for opportunities to capitalize on the situation, and are keeping a close eye on the Federal Reserve and their future policy decisions.
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