Key facts
- Gold futures fell below $4,500.
- Treasury yields rose above 4.5%.
- The dollar index rallied.
- July WTI Crude Oil futures reached $97 a barrel.
- Copper futures dropped 2% after rejecting all-time highs.
- Silver futures slipped below $75 an ounce.
Phillip Streible discussed the recent pressure on Gold futures, which dropped below $4,500 following an escalation of tensions in the Middle East. Treasury yields climbed above 4.5% and the dollar index rallied, indicating elevated inflation expectations. July WTI Crude Oil futures extended to $97 a barrel, influencing the cross-asset picture. The interest rate outlook suggests a 98.4% probability that the Fed leaves rates unchanged at the June 17 meeting, according to the CME FedWatch Tool, with a 25% chance of a 25 bps hike in September. Copper futures faced rejection near all-time highs before dropping 2%, and Silver futures slipped below $75 an ounce amid unwinding in the industrial metals complex.
