Strong U.S. consumer confidence data pushed up expectations for higher interest rates and lifted U.S. Treasury yields, putting pressure on precious metals, according to ChainCatcher. CoinGlass data showed gold (XAU) at $4,225.56, down 1.45% over the past 24 hours, while silver (XAG) traded at $62.69, down 2.41% in the same period. During the sharp market swings, trading activity in Gate’s precious metals contracts increased markedly. Gate’s silver contract posted $59.5667 million in 24-hour trading volume, ranking second in the industry. Gate’s XAU gold open interest stood at about $417.78 million, also placing second among peers. The report links the move in metals to stronger rate expectations and higher Treasury yields following the consumer confidence reading.
Strong U.S. consumer confidence data lifted expectations for higher interest rates and pushed Treasury yields higher, weighing on gold and silver, according to ChainCatcher.
CoinGlass data showed gold (XAU) at $4,225.56, down 1.45% over the past 24 hours. Silver (XAG) was quoted at $62.69, down 2.41% in the same period.
During the sharp market swings, trading in Gate’s precious metals contracts surged. Gate’s silver contract recorded $59.5667 million in 24-hour trading volume, ranking second in the industry, while Gate XAU gold open interest was about $417.78 million, also ranking second.
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