Interest rates in the U.S. are at levels not seen in years and that could have massive ramifications across different financial markets, especially for gold, MKM Partners' Michael Darda warned on Wednesday.

The benchmark 10-year Treasury note yield rose to its highest level since 2011 this week, while the two-year note yield trades at a level not seen in a decade. Investors have been selling Treasurys amid fears that rising inflation could lead the Federal Reserve to tighten monetary policy faster than the market is expecting.

"Rates on risk-free cash assets (government bills and notes) in the U.S. have now risen to a record high against equivalent rates on euro-area debt. If this leads to or is associated with a renewed/sustained rally in the dollar exchange rate, it will have important implications for global asset allocation," Darda, the firm's chief economist, said in a note to clients.