Gold, silver suffer steep losses as USDX rallies, U.S. bond yields rise gold silver USDX
- Gold and silver prices are sharply down and near their daily lows in midday U.S. trading Tuesday. Amid a lack of major, fresh fundamental news so far this week, precious metals traders are focusing on the key outside markets, which on this day are all bearish for the metals. The U.S. dollar index is solidly higher, crude oil prices lower and U.S. Treasury yields are up, with the 10-year note yield rising above 4.0%. December gold was last down $28.00 at $1,981.
Traders are awaiting the U.S. data point of the week on Friday: the U.S. employment situation report for July. The key non-farm payrolls number is expected to come in at up 200,000 jobs, compared to a rise of 209,000 in the June report. The key outside markets today see the U.S. dollar index solidly higher and at a three-week high. Meantime, Nymex crude oil prices are weaker and trading around $81.25 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 4.041%.
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