"Gold and Silver Surge as U.S. Treasury Yields Plummet"

Both gold and silver experienced significant gains as longer-term treasury yields declined to their lowest levels this week. The drop in yields was a reaction to poor economic reports from Europe, which showed a decline in activity. The gains in precious metals were also supported by the prediction that the Federal Reserve will not raise interest rates at the September FOMC meeting. However, the sustainability of the rally will depend on Chairman Powell's speech at the Jackson Hole economic symposium. Gold futures rose 1% to $1945.30, while silver futures increased by 3.92% to $24.37.