The yield's climb can be considered as the reason below.
1. Consumer Prices(CPI) and Core CPI(excluding foods and energy) each surged for 0.6 percent in July, the same increase as in June. Here is brief explanation of CPI from Investopedia.com. "The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them."
2. It was triggered by bond dealers' offering of new bonds, with their holdings and fund managers leaving room in their portfolios.
3. The decline in trading volume during the summer vacation season in the U.S. and Europe is also likely to have contributed to the decline.
The rise of treasury yield has curtailed investors's appetite of craving for Gold and Silver, which means that cash looks more attractive.
Source 1: Treasurys Stabilize After 10-Year Note Auction
Source 2: Rising Treasury Yields Challenge Precious Metals Rally
Source 3: Consumer Prices Surge Again, Core CPI Jumps Most Since 1991
https://www.thestreet.com/mishtalk/economics/consumer-prices-surge-again-core-cpi-jumps-most-since-1991
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