Commodities
Gold Price Declines on Rising Real Yields and Inflation Concerns
The gold price has been declining since September 4, when it closed at $406.77. Spot gold is now trading near $402 after reaching an intraday high of $4,434 on Thursday morning.
The decline was triggered by a hot inflation print, which sent the benchmark 10-year Treasury yield climbing 8 basis points to 4.90%, its highest since November 2023. The dollar index also recovered from an intraday low of 98.71 to 99.10.
Market-implied odds of a hike at the September 15-16 meeting moved to between 62% and 64%. Silver took the harder hit, with futures down 3.41% at $66.31 an ounce.