Nice chart illustrating the year-to-date increase in global interest rates (10-year local currency government bond yields) .  Not surprising the emerging markets lead the global rate spike.  Also note, Italy, Spain and Greece are more credit instruments rather than sovereign bonds in the truest sense (sovereign real rate + expected inflation).

The move in rates, combined with the shrinking U.S. current account deficit, could be why gold is so volatile and trading so poorly.

(click here if chart is not observable)