Rising Bond Yields Send Gold and Silver Prices Plummeting

Precious metals declined sharply on Monday as rising global bond yields reduced investor interest in non-interest-bearing assets.

Gold futures dropped by 3.34% to $4,176.80 per ounce, while spot gold decreased by 3.27% to $4,145.88 around 5:40 a.m. Eastern Time.

Silver logged even steeper losses during the sell-off, falling by 5.1% to $61.52 per troy ounce in futures and decreasing by 4.92% to $61.11 per troy ounce in spot trading.

The downturn in commodity prices significantly impacted U.S.-listed shares of major global precious metals producers before the market opened, with Sibanye Stillwater dropping 7.92%, Harmony Gold Mining declining 7.49%, and Newmont Corporation shedding 4.72%.