- Gold futures slumped 3.34% to $4,176.80 and spot gold fell 3.27% to $4,145.88, while silver futures dropped 5.1% to $61.52 per troy ounce and spot silver shed 4.92% to $61.11.
- U.S.-listed precious metals miners fell in premarket trading: Sibanye Stillwater -7.92%, Harmony Gold Mining -7.49%, Newmont Corporation -4.72%, Silvercorp Metals -7.13%, Endeavour Silver -5.86% and Hecla Mining -5.55%.
- The selloff came as rising global bond yields and the likelihood of further Federal Reserve interest rate hikes cooled demand for non-interest-bearing assets.
- Gold broke key support as U.S. real yields surged and the dollar strengthened, testing the metal's resilience.
- Global central banks purchased a record 289 metric tons of gold in Q2, which American Hartford Gold president Max Baecker frames as a longer-term reserve strategy separate from Fed rate decisions.
Quotes
“If hikes bring inflation under control, gold faces sustained pressure”
“If inflation sticks or economic stress builds, demand for gold as a diversifier holds.”