Bullion counters under heavy stress, Silver slumps 5%

Bullion futures melted today as the US 10-year treasury yields zoomed to 5.20%, holding around two-decade high and keeping precious metals under immense pressure. Soaring crude oil prices also hurt Gold and Silver. US yields are tracking firm economic cues clubbed with hawkish tilt in US policymakers talks recently. Cleveland Fed President Beth Hammack said on Friday she is concerned that persistently high inflation risks conditioning the US public to ⁠accept elevated prices as the norm, noting that the central bank cannot let that happen. This surge in yields is directly pulling Gold and Silver lower and the COMEX Gold futures are currently off 3% at $4194 per ounce while Silver has melted 5% to trade at $61.55 per ounce. Both the metals are currently around two-month low. MCX Gold is down 2.45% at Rs 149527 per 10 grams while Silver has shed 3.40% at Rs 226681 per kg.

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