Gold Price Under Pressure as US Yields Surge to 2007 Highs

The 10-year US Treasury yield closed at its highest level since July 2007 on Wednesday, reaching 5.11 percent. This marked a significant increase from previous days, with the five-year yield also crossing 5 percent for the first time since 2007.

The rapid rise in yields was accompanied by a strong dollar, which rose against every major currency. Meanwhile, gold prices fell to $4,324.40, down $52 on the day and $60 in two sessions.

Governor Barr emphasized the need for further interest rate hikes to combat inflation. The market is now waiting to see if gold's price will hold above its declining neckline or fall below it, potentially targeting prices below $4,000.