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Gold, silver slump to lowest level in more than a month as dollar, yields climb – News Opener

The prices of gold and sliver slumped to their lowest levels in more than a month on Monday as the dollar strengthened and Treasury yields climbed.

Price action
  • Gold futures
    GCZ22,
    +0.05%

    for December delivery were down $11.50, or 0.7%, to $1,738 per ounce on Comex.

  • Silver futures
    SIU22,
    -1.13%

    for December delivery were down 37 cents, or 2%, to $18.46 per ounce.

  • Palladium futures
    PAU22,
    -0.35%

    for December delivery were off $21.70, or 1%, to $2,111 per ounce, while platinum futures for October delivery were down $12.30, or 1.4%, to $842.90 per ounce.

  • Copper futures
    HGZ22,
    -2.45%

    for December delivery were off 11 cents, or 3%, to $3.58 per pound.

What analysts say

Precious-metals observers attributed the dollar’s weakness to higher Treasury yields and a stronger dollar.

Edward Moya, senior market strategist at OANDA, warned that gold “may be vulnerable here as Treasury yields could gain further momentum next week if the labor market remains healthy. ”

Two-year Treasury yields
TMUBMUSD02Y,
3.429%

climbed more than 5 basis points to 3.453% on Monday, their highest level since November 2007, while the U.S. dollar briefly traded above 139 yen
USDJPY,
+0.65%

to the dollar, just shy of the strongest level for the greenback since 1998.

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