Precious metals prices are headed sharply lower as bond yields continue to rise with Saxo commodities head Ole Hansen pointing to the March low of $1,195/oz as the key level to watch in gold. Meanwhile, Fed chair Janet Yellen prepares to testify before Congress midweek.

 • 'We saw some profit-taking in the USD overnight': Horchani
 • Hedge funds slashing long positions in gold, silver
 • Rise in bond yields the key market driver: Hardy
 • Financials, life insurers to outperform as central banks normalise policy
 • Bund yields consolidating after dramatic break of 50 bps level