Gold and Silver Prices Decline Amid Higher US Treasury Yields

Gold and silver prices declined in early trade on August 19, as investors weighed US Treasury yields, oil prices, and interest rates. COMEX gold was trading at $4,406 per ounce, down 0.33%, while COMEX silver stood at $63.145 per ounce, down 1.39%.

The decline in precious metals comes after a previous session where both gold and silver fell nearly 2%. The key factor behind the fall is the movement in US Treasury yields, which generally weigh on gold as it does not pay interest. Higher yields make yield-bearing assets more attractive.

US yields have eased from their recent highs but remain elevated after a global bond sell-off pushed long-term borrowing costs to multi-year highs. The market is waiting for the minutes of the US Federal Reserve's July meeting, where investors will look for clues on the central bank's interest-rate path.