Gold and silver prices fell sharply on Monday as rising global bond yields cooled investor appetite for non-interest-bearing assets. Gold futures slumped 3.34% to $4,176.80 while silver futures fell 5.1% to $61.52 per troy ounce. The sell-off also dragged major mining stocks lower, with declines ranging from 4.72% for Newmont Corporation to 7.92% for Sibanye Stillwater in premarket trading. Investors continue to monitor inflationary pressures and the likelihood of further interest rate hikes from the Federal Reserve against a backdrop of surging government bond yields. Max Baecker, president of American Hartford Gold, noted that central banks purchased a record 289 metric tons of gold in the second quarter, describing this as a longer-term reserve strategy separate from Fed rate decisions.
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