According to CoinMeta, the precious metals sector has been on the decline recently, and short-term marginal changes in the US dollar index and US Treasury yields will dominate the price trend of precious metals. Huishang Futures analysis indicates that the core drivers of this round of correction in the precious metals sector are the warming expectations of Federal Reserve interest rate hikes and concentrated deleveraging by bulls, with the market re-pricing a "longer period of high interest rates." As interest-free assets, the holding cost of precious metals has increased, posing a combined negative factor. In addition, the gradual dissipation of previous geopolitical risk premiums and weakening expectations of industrial demand have further exacerbated the decline in silver prices. Jinrui Futures believes that the reversal of the macro interest rate environment and transactional deleveraging are the main reasons for the significant drop in precious metal prices this time. Overall, there is still room for a technical rebound in precious metal prices, but whether the trend can continue depends on the subsequent movements of US Treasury yields and the US dollar index.