10-Year U.S. Treasury Rate Soars, Causing Gold To Fall

GOLD

As the interest rate on the 10-Year Treasury soared to a 3 year high of 2.93%, Gold got hammered and dropped down to test the $1,950 support level. Gold reached a low this morning of $1,949 before finding sizeable buying that cleaned out the sellers. At 11am PT today, Gold is trading at $1,956 per ounce, down $24 on average volume.

SILVER

Silver followed Gold lower, testing the key $25 per ounce support level. Silver reached a low this morning of $25.03 before bouncing back $0.20 per ounce. At 11am PT today, Silver is down $0.65 per ounce, trading at $25.26 on normal volume.