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Rising long-bond yields increase the opportunity cost of holding non-yielding precious metals, pressuring prices across the complex on the Shanghai exchange. The simultaneous gap lower across silver, gold, platinum, and palladium suggests the yield move was large enough to affect the entire sector rather than a single metal. XAUUSD is also trading lower on the day per evidence, consistent with the sell-off narrative from the Shanghai open.
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Shanghai silver, gold, platinum, and palladium front-month futures gapped lower at the open after long-bond yields surged, triggering a broad precious metals sell-off.
Rising long-bond yields increase the opportunity cost of holding non-yielding precious metals, pressuring prices across the complex on the Shanghai exchange. The simultaneous gap lower across silver, gold, platinum, and palladium suggests the yield move was large enough to affect the entire sector rather than a single metal. XAUUSD is also trading lower on the day per evidence, consistent with the sell-off narrative from the Shanghai open.
Jin10·08/19, 08:29 AM