Key facts
- Gold futures fell below $4,500.
- Treasury yields rose above 4.5%.
- The dollar index rallied.
- Copper futures dropped 2% from near all-time highs.
- Silver futures fell below $75 an ounce.
- July WTI Crude Oil futures reached $97 a barrel.
Gold futures experienced a decline, falling below $4,500 amid rising Treasury yields and a rallying dollar index. This pressure on gold coincides with an escalation of tensions in the Middle East, which has also influenced oil prices, with July WTI Crude Oil futures extending to $97 a barrel. The overall interest rate outlook reflects these conditions. According to the CME FedWatch Tool, there is a 98.4% probability that the Federal Reserve will leave rates unchanged at the June 17 meeting, and a 25% chance of a 25 basis point hike in September. In the broader industrial metals complex, Copper futures faced rejection near all-time highs before dropping 2%, while Silver futures slipped below $75 an ounce, indicating a general downward pressure across these commodities.