Gold and silver prices slide as rising U.S. bond yields pressure miners
Precious metals come under renewed pressure on Monday as higher government bond yields reduce the appeal of non-yielding assets. The sell-off extends beyond bullion to mining shares, with U.S.-listed gold and silver producers falling in premarket trading.
Highlights
- Gold futures drop 3.34% to $4,176.80 and silver futures fall 5.1% to $61.52 per troy ounce as rising global bond yields erode metals' appeal.
- U.S.-listed mining stocks see sharp premarket declines, with Sibanye Stillwater down 7.92%, Harmony Gold Mining off 7.49%, and Silvercorp Metals losing 7.13%.
- Central banks purchased a record 289 metric tons of gold in Q2, but sustained rate hikes and disinflation could weigh on gold prices longer term.
Metals retreat as yields climb
As reported by CNBC, gold and silver prices fall sharply on Monday as rising global bond yields cool investor appetite for precious metals. Gold futures slump 3.34% to $4,176.80, while spot gold is down 3.27% at $4,145.88 around 5:40 a.m. E.T.Silver posts steeper losses, with silver futures last down 5.1% at $61.52 per troy ounce and spot silver shedding 4.92% to $61.11. The moves reflect broader investor caution toward non-interest-bearing assets as yield levels rise.
Mining stocks and rate outlook in focus
U.S.-listed mining shares also trade lower in premarket activity following the retreat in bullion prices. Sibanye Stillwater falls 7.92% ahead of Monday's market open, Harmony Gold Mining drops 7.49%, and Newmont Corporation is down 4.72%.Among silver miners, Silvercorp Metals declines 7.13%, Endeavour Silver loses 5.86%, and Hecla Mining slips 5.55%. Investors continue to monitor inflation pressures and the likelihood of further interest rate hikes from the Federal Reserve as government bond yields surge.
Max Baecker, president of American Hartford Gold, says in a Friday note that if rate hikes bring inflation under control, gold faces sustained pressure. He adds that rates are only one part of the picture, pointing to record central bank purchases of 289 metric tons in the second quarter as a longer-term reserve strategy separate from Fed decisions.
In our earlier article on gold pressured by oil prices, high yields, and Fed expectations, we explained how elevated energy costs were stoking inflation worries and reinforcing bets on further U.S. rate hikes. We noted that persistent high bond yields were raising the opportunity cost of holding non-yielding metals like gold, while investors waited for key U.S. labor and inflation data that could keep yields—and pressure on bullion—elevated.
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