Bitcoin
Hot US Wholesale Inflation and Rising Yields Pressure Gold and Crypto
Bitcoin and gold dropped alongside equity markets after higher-than-expected US producer price data pushed bond yields to multi-year peaks.
Financial markets retreated following the release of the August US Producer Price Index, which showed annual wholesale inflation at 5.4% against a forecast of 5.3%, alongside a 0.4% monthly increase. The report showed final demand goods rose 1.1%, driven largely by rising energy costs, while services edged up 0.1%.
Non-yielding assets experienced broad selling in response. Gold declined over 1% toward $4,350 after previously changing hands above $4,400, while Bitcoin and the S&P 500 also came under pressure as the US dollar gained strength.
The downturn was accompanied by a sharp jump in sovereign bond yields, with the US 10-year Treasury yield climbing above 4.9% and the 30-year bond reaching roughly 5.35%. The data elevated market expectations for an upcoming Federal Reserve interest rate increase ahead of the consumer price report.
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