Gold and Silver Prices Continue to Drop Amid Strong US Dollar and Yields

Gold and silver prices are down due to an appreciating US dollar and rising US Treasury yields. Technical analysis also shows a deteriorating near-term posture for both metals. Reports of productive talks between President Biden and House Speaker McCarthy on the US debt-ceiling extension may be prompting added selling pressure on the safe-haven gold and silver markets. The Euro zone May composite purchasing managers index (PMI) came in slightly less than expectations. The US dollar index is higher, hitting a two-month high overnight.