Bitcoin
US 10-year Treasury yield hits 5.35% as gold, silver, and Bitcoin decline
Rising bond yields and inflation concerns have pressured precious metals and pushed Bitcoin below $84,000.
The yield on the 10-year US Treasury bond reached 5.35% on Wednesday, matching levels not recorded since 2002. This surge in risk-free sovereign returns exerted downward pressure on non-yielding assets, with gold, silver, and Bitcoin all logging losses. Bitcoin slipped below the $84,000 mark amid the broader financial tightening.
According to analysis from The Kobeissi Letter, the 10-year yield has advanced by 143 basis points since its lows prior to the war in Iran, while 30-year yields reached roughly 5.70% and US mortgage rates attained three-year peaks. Persistent upward momentum in yields has been fueled by sustained oil market tensions following tanker incidents in the Strait of Hormuz, alongside a 25 basis point Federal Reserve rate hike in September that brought target rates to 3.75%–4%.
Precious metals saw notable intraday pullbacks as a stronger dollar and competitive Treasury yields reduced demand. Gold fell from nearly $4,160 per ounce to a two-month low of $4,066, according to FXStreet, while silver declined 2.6% from $61 to around $59.77 per ounce after touching $58.99. Central bank demand for gold remained ongoing, with China expanding official reserves for a 23rd consecutive month.
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