Gold opened lower on rising interest rates

GOLD

Gold opened lower, reaching an early morning low of $1,322 per ounce based on raising interest rates. The 10-year Treasury has reached 2.97%, on the way to the key 3% level. Higher interest rates are short-term negative for precious metals. At 11am PDT today, Gold is trading at $1,324, down $14 on active volume.

SILVER

When Gold sold off this morning, breaking down below $1,325, Silver got hit. The key $17 per ounce support level couldn’t hold, and the Silver price quickly dropped to $16.61 before bargain buying appeared. At 11am PDT today, Silver is down $0.50 per ounce, trading at $16.68 on heavy volume.