PRECIOUS METALS | Eurozone Bond Yields Rise as Oil Prices Climb, Tracking U.S. Treasury Moves

Eurozone government bond yields opened higher on Wednesday, tracking the rise in U.S. Treasury yields. According to Jin10, the increase was primarily driven by higher oil prices, although U.S. inflation data released on Tuesday came in below market expectations, pulling 10-year yields in both the U.S. and Europe away from their earlier eight-week highs. Analysts at KBC Bank noted in a report that this reflected comments from Fed Chair Kevin Warsh, who reiterated his commitment to price stability during his congressional testimony, as well as elevated oil prices resulting from military attacks in the Middle East. Data from Tradeweb showed the 10-year German Bund yield rose 3.3 basis points to 3.105%.