Gold Defies Tradition as Treasury Yields Soar to 5% Barrier

The yield on the 10-year U.S. Treasury note has broken above the 5% mark, putting pressure on gold prices.

Despite this, gold has demonstrated remarkable resilience and is not following its traditional inverse relationship with rising U.S. Treasury yields.

Adam Turnquist, Chief Technical Strategist at LPL Financial, suggests that the gold market remains well-supported, and the correlation between gold, U.S. Treasury yields, and the U.S. dollar is breaking down.

In the commodities market, crude oil futures prices have risen due to ongoing supply-side concerns, including the suspension of the Saudi East-West Pipeline.