Gold, silver sell off as USDX rallies, bond yields rise

Gold and silver sold off into midday Thursday as the USD index rallied and U.S. Treasury yields rose, erasing earlier safe-haven gains linked to the Iran war risk backdrop. April gold was down $61.20 to $5,073.70, while March silver fell $1.598 to $81.10. Outside markets were also risk-informative: WTI jumped to around $79.50/bbl (nine-month high) and the U.S. 10-year yield was near 4.148%. A separate supply/flow headline added noise: Axios (via Bloomberg) reported a finalized arrangement involving Venezuela’s state miner Minerven selling 650–1,000 kg of gold doré to Trafigura for distribution to U.S. refineries, following meetings between U.S. Interior Secretary Doug Burgum and Venezuela interim President Delcy Rodríguez focused on mining reforms/mineral extraction. While small versus global mine supply, the story is notable for potential incremental U.S.-bound physical flows and the geopolitical optics around sanctioned/controversial origin metal. Technically, Kitco/Wyckoff flags key levels: for April gold, bulls need a close above this week’s high/resistance at $5,434.10, while bears target a breakdown below $5,000. First resistance sits at $5,204.30 then $5,250; support at $5,005 then $4,900 (Wyckoff rating 7.0). For March silver, resistance is this week’s high at $95.86 (near-term: $84.15 then $85), while bears target a close below $71.815; support at $79 then $77.50 (Wyckoff rating 5.0). Near-term catalysts are USD and rates follow-through, crude-led inflation impulses, and any escalation/de-escalation headlines from Iran that shift safe-haven bid vs. real-yield pressure.