Gold Edges Higher as Oil Rebounds, Treasury Yields Remain Dominant

Gold prices rose slightly on Wednesday, gaining 0.13% to $4,186.15 an ounce, while silver fell 0.78% to $60.97.

The divergence between gold and silver comes as oil prices rebounded, with WTI crude rising 2.13% to $91.28 a barrel, and Brent climbing 0.86% to $103.47.

However, Treasury yields remain the dominant pressure on bullion, with the 30-year US bond yield reaching its highest level since June 2002 at 5.62%, and the 10-year yield holding near 5.25%.

New York Fed President John Williams said another rate increase 'late this year' could be appropriate due to persistent energy-driven inflation, further weighing on gold and silver.