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Precious Metals Decline After Treasury Yields Rise on US Debt Issuance
ETF top story for the week of July 31 to August 4, 2023.
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Gold and silver faced downward pressure last week due to the rising yields of long-term US Treasury bonds - viewed as among the world's safest investments - which hit their highest levels since November 2022. The benchmark 10-year yield now stands above 4% and a stronger-than-expected inflation number on August 10 could boost it again.
This rise was triggered by the Treasury’s plans to increase sales of longer-term securities to $103 billion, a larger than expected amount, with the aim of refunding approximately $84 billion of privately-held Treasury notes and bonds due to mature on August 15.
Further complicating matters, the yield curve has continued to steepen from -93 bps to -73 bps, a sign that investors are less concerned about potential recession risks and dampening gold's appeal as a safe haven asset.
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