Gold futures on the New York COMEX jumped $27 per troy ounce to an intraday peak of $4,588 on Monday, 18 May, while silver futures added $1.08 to $32.75, according to livemint.com.
The rebound followed a sharp sell-off last week when U.S. 10-year Treasury yields touched multi-year highs. As bond yields stabilised on Monday, algorithmic funds covered short positions in both metals, traders told livemint.com. The rally was limited by lingering concerns that sticky inflation could keep the Federal Reserve hawkish; minutes from the Fed’s late-April meeting are due on Wednesday and will be parsed for guidance on rate trajectory.
Gold’s 0.6 % intraday gain still leaves it roughly 4 % below the record $4,788 reached earlier this month, while silver remains 7 % off its 2026 high. The moves mirror a pattern seen in March, when a similar yield spike triggered a $45/oz pullback before prices recovered within three sessions. Jewellers in Mumbai and Ahmedabad have already trimmed inventory, the Bombay Bullion Association noted, anticipating further volatility.
Investors will watch the Fed minutes on Wednesday and U.S. retail-sales data on Friday for clues on consumer resilience. If yields resume their climb, bullion dealers expect another test of the $4,500 support level for gold and $31 for silver, according to livemint.com.