US Treasury Yields Hit 2007 Highs as Gold Prices Plummet

The 10-year US Treasury yield hit its highest level since July 2007, closing at 5.11 percent on Wednesday. This milestone was accompanied by a surge in yields for other maturities, with the five-year yield crossing 5 percent for the first time since 2007.

According to Governor Barr, more interest rate hikes are necessary to combat inflationary pressures. The move has pushed up bond yields and weighed on gold prices, which settled at $4,324.40, a decline of $52 from the previous day's close.

The dollar rose against every major currency, with Brent crude oil settling near $103. Meanwhile, gold futures fell by a third of a percent in morning trading, as investors await the next key technical level: the declining neckline.