Commodities
Crude Oil Prices Soar Amid Supply Uncertainty and Rising Yields
The price of crude oil futures for October 6 has been rising due to supply-side concerns and lingering uncertainty in major Middle Eastern transport corridors.
The yield on the 10-year U.S. Treasury note briefly touched 5.01%, breaking above the 5% threshold for the first time since late October 2023, which is putting pressure on gold prices.
However, gold has shown remarkable resilience and is not following its traditional correlation with U.S. Treasury yields and the U.S. dollar, according to Adam Turnquist, Chief Technical Strategist at LPL Financial.