Ethereum
Gold and Crypto Slide as Hotter US PPI Pushes Bond Yields Higher
A stronger-than-expected US producer price index sent bond yields surging, weighing heavily on gold, crypto, and equities.
Financial markets retreated following the release of August's US producer price data. Producer prices rose 0.4% month-on-month, meeting forecasts, while the annual rate reached 5.4%, slightly exceeding the 5.3% consensus estimate. Core PPI advanced 0.2% monthly and 4.6% annually, alongside 206,000 initial jobless claims.
Energy drove more than three-quarters of the 1.1% increase in final demand goods, according to the Bureau of Labor Statistics, whereas services edged up just 0.1%. Despite its traditional reputation as an inflation hedge, spot gold fell over 1% toward $4,350 as the US dollar strengthened and non-yielding assets faced pressure.
Rising bond yields triggered the broader selloff, with the 10-year Treasury yield climbing above 4.9%—its highest level since October 2023—and the 30-year yield touching roughly 5.35%. Market pricing for a September Federal Reserve rate hike increased to around 70% following the report, shifting investor attention to the upcoming Consumer Price Index release.
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