2 Year Treasury Yield

U.S. equity benchmarks moved lower as traders weighed weaker retail sales, softer consumer sentiment and rising Treasury yields. Tech shares led the retreat, while energy and basic materials found support from stronger oil markets.

Gold is caught between a weaker dollar and a firmer Treasury yield backdrop, leaving traders braced for higher volatility around the Fed message. Rising crude risk after intercepted missiles in the Middle East has complicated the inflation outlook and reduced the room for a clearly dovish turn.

Silver stabilized after a volatile stretch in bonds and crude, with buyers stepping in as Treasury yields and oil prices pulled back. The rebound remains fragile as FOMC risk, elevated energy costs and Middle East tensions continue to shape inflation expectations.

Spot gold turned higher after buyers defended an early break below the prior session’s low, helped by short-covering and a softer rates backdrop. The next test is whether momentum can carry XAU/USD through nearby resistance and toward the 50-day moving average.