Precious Metals Crushed by Bond Yields and Strong Dollar

Gold and silver prices are dropping due to rising bond yields and a strong US dollar. The Federal Reserve's hawkish stance on monetary policy, with the possibility of a 6% or higher Fed funds rate in 2024, is bearish for the metals. US stock indexes are also lower, and a potential government shutdown is weighing on market sentiment. Technically, bears have the advantage in both gold and silver futures, although there are support levels suggesting a bottom may be forming for silver. Copper prices also closed at a four-month low, with bears having the overall advantage.