Gold and oil have been two of the hottest trades of the past one year. One of them has to break

A rally in crude oil could lift Treasury yields, which would typically दब pressure on gold prices and other precious metals. The piece highlights a cross-asset negative for precious metals if higher energy prices feed through to higher yields. Market impact is limited but relevant for sector rotation between energy and metals.

Analysis

A rally in crude oil could lift Treasury yields, which would typically दब pressure on gold prices and other precious metals. The piece highlights a cross-asset negative for precious metals if higher energy prices feed through to higher yields. Market impact is limited but relevant for sector rotation between energy and metals.