U.S. Interest Rates Set New Record High While Putting the Pressure on Precious Metals

GOLD

U.S. Interest rates continue to set new 14-Year highs, and the 10-Year Treasury over 4.12%, is putting pressure on precious metal prices. That news combined with higher inflation rates being reported in Europe drove Gold lower on the opening and during trading in commodity markets. Gold found support at $1,628 this morning before seeing heavy buying. At 11am PT today, Gold is down $22 per ounce, trading at $1,630 on excellent volume.

SILVER

Silver followed Gold lower this morning, not able to find support at the key $18.50 level and reaching low of $18.35. Many popular Silver investment products continue to have excellent demand and strong premiums. At 11am PT today, Silver is trading at $18.45 per ounce, down $0.30 on good volume.