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Metals: The grind goes on

Commentaries & Views

Fed president Lael Brainard took on an unusually hawkish tone yesterday, which affected the US treasury market, pushing the US 10 year yield higher. Metals and equities felt the pressure of a sudden rise in rates, selling off yesterday intraday after starting in the green. Notably, gold was sold back under the $1,935 level following a brief move up to $1,942.

US stock indices continue to trade within the congestion zone highlighted yesterday. Gold continues to hold above the critical $1,915 level, despite the torrid rise in treasury yields. With FOMC minutes scheduled for release today at 2 p.m. EST, market participants will likely be focused on the severity of the FMOC's "hawkish" tone.

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