The dollar strengthens on rising yields and energy-driven inflation fears, pushing gold and silver to 5-week lows while the Euro and Yen retreat.
WTI crude oil jumps 3%, raising inflation expectations and potential Fed tightening.
Gold prices sank to 5-week low on stronger dollar and rising inflation expectations from crude oil surge.
Silver prices dropped sharply on a stronger dollar and hawkish central bank signals, hitting 5-week lows.
Dollar index rallied to 1.5-week high on rising T-note yields and stock slump, boosting liquidity demand.
USD/JPY rallies on stronger dollar, downward revision to Japan industrial production, and rising oil prices.
EUR/USD fell to 1-month low on stronger dollar and crude oil surge hurting Eurozone economy.
The US Dollar Index climbed to a 1.5-week high as rising T-note yields and a 3% jump in WTI crude oil prices fueled inflation concerns. Markets are pricing in a 91% probability of a 25 basis point Fed rate hike, pressuring precious metals and the Euro, while the Japanese Yen faces additional headwinds from downward revisions to domestic industrial production.
Gold and silver are declining due to a stronger dollar, rising T-note yields, and increased inflation expectations triggered by the surge in crude oil prices, which suggests a more hawkish stance from global central banks.