Silver Prices Buck the Trend and Rally Above Key Resistance

Reuters

Gold dips as Treasury yields advance on U.S. rate-hike prospects

Gold prices dipped on Wednesday towards the previous session’s one-week low as the prospect of aggressive rate hikes by the U.S. Federal Reserve sent benchmark Treasury yields to two-year highs, reducing the appeal of non-yielding bullion. Spot gold was down 0.1% at $1,812.27 per ounce, as of 0513 GMT, after falling to a one-week low of $1,805 an ounce on Tuesday. “We seem to be coiling up for some kind of breakout, likely on the downside, as the handoff occurs where inflation expectations start to slow down while nominal rates shift up around expectations for central bank action and that starts to really bid up real yields,” said DailyFX currency strategist Ilya Spivak.