US Yields Climb, Weighing on Gold as Market Awaits Key Data Releases

Gold and silver prices are under pressure due to rising US yields, which have climbed to their highest since 2007. The higher long-term yields tend to dent demand for assets such as gold and silver, despite ongoing geopolitical uncertainty in West Asia and Russia-Ukraine tensions.

The market will focus on upcoming US data releases, including consumer confidence, GDP, and PCE inflation readings, which will provide cues for bullion sentiment. Additionally, manufacturing PMIs, speeches from Federal Reserve officials, and the US non-farm payrolls report will be closely watched.

Geopolitical uncertainty will continue to play a role, particularly the US-Iran standoff, after US President Donald Trump rejected Tehran's proposal to reopen the Strait of Hormuz. This has led to increased volatility in commodity markets.