ING trims gold and silver outlook as higher yields and a firmer dollar pressure metals

ING has lowered its forecasts for gold and silver, citing a stronger U.S. dollar and persistently elevated bond yields that are weighing on precious metals. Gold has slipped below $4,000 an ounce, marking a new low for the year, while silver has fallen under $60 an ounce. The pullback from January's record highs has surprised some traders and analysts, but ING commodity analyst Ewa Manthey said in the bank's latest precious metals note that the selloff underscores how markets have shifted their attention toward higher interest rates and tighter financial conditions. Full story: Kitco.