Gold's Decline Pauses as USDX and Bond Yields Maintain Control

Gold and silver prices continue to decline as the strong US dollar and rising US Treasury yields, which are at 16-year highs, weigh on the precious metals market. The sell-off in the stock market is limiting losses in gold and silver, as some safe-haven demand emerges. The US dollar index hits a 10-month high, while Nymex crude oil prices rise. Technically, gold and silver futures hit multi-month lows, with bears having the overall near-term technical advantage. Copper prices also decline, with bears in control.