Gold Prices Plummet Amid Rising Treasury Yields and Stronger Dollar

Gold prices have taken a hit as traders focus on rising Treasury yields. The yield of 30-year Treasuries has reached multi-decade highs, testing levels not seen since 2004. Bond traders believe that government buybacks won't provide sufficient support to markets, leading them to bet on higher rates.

With the FedWatch Tool indicating a 68.6% probability of rate hikes at the next meeting, investors are expecting further interest rate increases. This has put pressure on gold prices, which pay no interest, resulting in a sell-off in bond markets not triggering panic-buying in gold markets.

The stronger US dollar has also served as an additional bearish catalyst for gold markets. Gold moved below the support level at $4300, $4320 and is trying to settle below the $4250 level. If it manages to break through this level, it will head towards the next support range of $4160, $4180.

Silver has also taken a hit, with its price retreating as the gold/silver ratio climbed above 67. Currently, silver is trying to settle below the 50 MA at $63.59. If it declines below this level, it will head towards the support range of $61.00, $62.00.

Platinum has also lost ground due to rising oil prices, with WTI oil climbing above $95.00 and Brent oil settling above $107.00. Platinum is trying to settle below the 50 MA at $1743. If it manages to break through this level, it will head towards the next support range of $1700, $1720.