Rising oil prices may push Treasury yields up, pressuring gold prices lower.

Gold and oil have been strong performers recently, but rising crude prices could lead to higher Treasury yields, which typically depress gold prices. Recent trading shows bearish sentiment in gold ETFs, with increased put option activity signaling expectations of a decline. The 10-year Treasury yield neared its highest level since last summer, driven by inflation concerns linked to oil prices. Upcoming jobs data will be crucial in determining the Federal Reserve's next move, influencing rates and the outlook for gold and bonds.