US 10-year yield hits 19-year high; gold, silver fall 4–5%

Spot gold and silver extended intraday losses to roughly 4% and 5% as the US 10-year Treasury yield reached a 19-year high. The combined market capitalization loss for gold and silver is approximately 1.2 trillion dollars today. Source: The Kobeissi Letter.

Key facts

• Gold: about -4% on the day.
• Silver: about -5% on the day.
• US 10-year yield: fresh 19-year high.
• Combined gold and silver market cap change: approximately -1.2 trillion dollars.

Market context

• Rising Treasury yields increase discount rates and the opportunity cost of holding non-yielding assets.
• Higher yields often coincide with a stronger US dollar, which pressures dollar-priced commodities.

Cross-asset implications

• Commodity weakness can spill into broader risk assets through tighter financial conditions.
• Higher yields and a stronger dollar have historically pressured cryptocurrencies and growth equities.

What to monitor

• US inflation data and Federal Reserve policy guidance.
• Dollar index and real yields.
• Flows in gold and silver ETFs and futures positioning.