BREAKING: Spot gold and silver prices extend losses to nearly -4% and -5% on the day as the US 10Y Note Yield rises to a fresh 19-year high.
Gold and silver have erased a combined -$1.2 trillion in market cap today.
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Traders are implying almost three Fed rate hikes ahead, with 2-year Treasury yields 66bp above the current fed funds rate. That's the biggest differential since 2022, during the post-pandemic rate-hiking cycle.