Gold and Silver Suffer as Dollar Strengthens and Bond Yields Rise

Gold and silver prices are sharply lower due to a strong U.S. dollar and rising U.S. Treasury yields. The precious metals market is also being impacted by upbeat risk attitudes and positive economic data from China. The Bank of Japan is closely monitoring the yen's depreciation against the U.S. dollar. December gold and silver futures hit multi-month lows but are oversold and due for a corrective bounce. Nymex crude oil prices are lower, while the U.S. Treasury 10-year note yield is at its highest level since 2007.