“U.S. Treasury’s and the dollar are considered rival safe-haven assets to gold. Earlier this month, a surge in the 10-year Treasury yield fueled a sell off in gold, which had been seeing strong gains. Since the 10-year yield’s advance has tapered off and the dollar began weakening against the euro, the precious metals market has recovered but has not relaunched its rally,” reported the AP.
“The rally hasn’t been reversed, but it certainly has been blunted,” said James Steel, a precious metals analyst with HSBC. “We’ll have to see how long-term U.S. rates trade this week.”
August silver rose 6.6 cents to $13.30 an ounce.