Gold futures dip below 50-day average as Treasury yields surge. - CME Group
Gold futures dip below 50-day average as Treasury yields surge. - CME Group
Source: CME Group
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DW NOTE
Gold fell through its 50-day average as the 10-year Treasury yield hit 4.95% — the highest real yield in eighteen months. When risk-free paper pays 140 basis points over CPI, gold's zero-coupon structure is a liability, not a hedge. The metal is down 17.9% from January's peak despite oil at $100 and the Strait of Hormuz still closed. That's not a vote of confidence in anything.