Bear operators tighten grip on gold, silver

Punters have tightened their grip on gold and silver, whose prices have been falling consistently. Gold has fallen over five per cent in the past one month on rising US interest rates and the metal tracking US bond yields more than the dollar index. 

Last month, both the US Dollar Index and the gold price were sliding, breaking its inverse correlation. However, gold was tracking inversely the rising bond yields in the US.  

In the past one week, US 10-year treasury bond yields have risen from 2.13 to 2.34 per cent, while gold has lost three per cent of its value.