(Kitco News) – A perfect storm of market volatility, rising bond yields and a strong U.S. dollar have hit the precious metal market, propelling gold and silver prices sharply lower.
Some analysts have noted that gold’s inability to break above $1,920 an ounce Friday has significantly shifted sentiment to the bearish side at the start of the trading week. However, analysts also note that silver is leading the way on the downside after support at $23 an ounce broke overnight. July silver futures last traded at $22.57.0 an ounce, down nearly 2.21% on the day. Earlier in the session silver was down roughly 4%.
Meanwhile, gold last traded at $1,863.10 an ounce, down 2.5% on the day. “Everything is just happening all at once and working against gold and silver,” said Phillip Streible, chief market strategist at Blue Line Futures.
Streible noted that the first domino to fall in the commodity market was copper following disappointing manufacturing data from China. Weakness in copper hit silver’s industrial component when then dragged down gold.
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