U.S. Treasury Auction Demand Tracker

Track demand for 10-, 20- and 30-year U.S. Treasury bonds. Compare bid-to-cover ratios and auction yields with recent results

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OFFICIAL U.S. TREASURY DATA Last verified

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2.77× means $2.77 in bids for each $1 accepted. Prior 6 avg: 2.54×.

Latest auctionOct 7, 2026
Vs. prior 6 auctions+0.23 pts
High yield at auction5.300%
Amount accepted$39.9bn

Bid-to-cover history

Latest 12 auctions

CHART PERIOD

Prior 6 avg: 2.54×. Bars start at zero; exact results below.

Auction results

Auction dateBid-to-coverHigh yieldAcceptedIssue
Oct 7, 20262.77×5.300%$39.9bnReopening
Sep 9, 20262.71×4.834%$39.0bnReopening
Aug 12, 20262.53×4.683%$52.6bnNew
Jul 8, 20262.59×4.580%$43.1bnReopening
Jun 10, 20262.57×4.538%$39.0bnReopening
May 12, 20262.40×4.468%$52.0bnNew
Apr 8, 20262.43×4.282%$45.9bnReopening
Mar 11, 20262.45×4.217%$39.0bnReopening
Feb 11, 20262.39×4.177%$53.9bnNew
Jan 12, 20262.55×4.173%$50.4bnReopening
Dec 9, 20252.55×4.175%$39.0bnReopening
Nov 12, 20252.43×4.074%$48.5bnNew

Source: U.S. Treasury Fiscal Data · Checked twice daily

Methodology & data notes

Results include reopenings and exclude TIPS. The comparison uses the prior six auctions of the same original term. Longer charts show annual averages; choose a year for individual auctions. The 10- and 30-year series starts in 2010; the 20-year series starts in May 2020. High yield is the auction result, not a live yield. Results may be revised and do not predict gold prices.

What Does the Treasury Auction Demand Tracker Show?

The U.S. Treasury sells bonds to finance government spending and refinance maturing debt. This tracker follows completed auctions of nominal 10-, 20- and 30-year Treasury securities using official U.S. Treasury data.

The key measure is the bid-to-cover ratio: the total value of bids divided by the amount accepted. A ratio of 2.5 means the Treasury received $2.50 in bids for every $1 accepted. The tracker compares each result with the previous six auctions of the same original term. It also shows the auction’s high yield, the amount accepted and recent results. Reopenings are included; Treasury Inflation-Protected Securities (TIPS) are excluded.

Why Do Treasury Auctions Matter for Gold and Silver?

Demand for Treasury bonds helps shape the interest-rate environment in which precious metals trade. Higher yields can increase the opportunity cost of holding gold, which pays no interest. Persistent concerns about government borrowing and debt financing may also influence longer-term interest in gold. Silver responds to some of the same monetary forces, alongside changes in industrial demand.

A single auction does not predict the next move in gold or silver. Compare results for the same maturity over time and consider them alongside real yields, the U.S. dollar, inflation expectations and broader market conditions. Auction size can also affect the bid-to-cover ratio.

The figures are published auction results, not live bond yields. Check the tracker’s latest verified update time to see when its data was refreshed.

Frequently Asked Questions

What Is Treasury Auction Demand?

Treasury auction demand describes investor interest in newly auctioned U.S. government debt. The bid-to-cover ratio is one way to compare the value of bids with the amount accepted at an auction.

What Is the Bid-to-Cover Ratio?

The bid-to-cover ratio is the total value of bids divided by the amount accepted. A ratio of 2.5 means the Treasury received $2.50 in bids for every $1 accepted.

Which Treasury Auctions Does This Tracker Include?

The tracker covers completed auctions of nominal 10-, 20- and 30-year U.S. Treasury securities, including reopenings. Treasury Inflation-Protected Securities (TIPS) are excluded.

What Does High Yield Mean in a Treasury Auction?

High yield is the highest yield accepted at the auction, also known as the stop-out yield. It is a published auction result, not a live bond yield.

How Often Is the Tracker Updated?

The tracker checks for new official results twice daily through scheduled WordPress tasks. Results can appear only after the U.S. Treasury publishes them. Check the latest verified update time shown in the tracker.

Does a Lower Bid-to-Cover Ratio Mean an Auction Failed?

No. It means bids were lower relative to the amount accepted, but auction size and market conditions also affect the ratio. Compare results with previous auctions of the same maturity before drawing conclusions.

How Can Treasury Auctions Affect Gold and Silver?

Treasury auctions provide insight into demand for U.S. debt and the interest-rate environment. Yields can influence the appeal of gold, while silver is also affected by industrial demand. A single auction does not predict the price of either metal.