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Gold drops amid rising U.S. yields
Gold prices declined today, Thursday, by 0.8% to reach $4,036 per ounce, after a previous rise of 2%. This decline is attributed to the increase in yields on 10-year U.S. Treasury bonds, which raised the opportunity cost of holding gold, in addition to the impact of Federal Reserve Chairman's statements indicating continued control over inflation and no decision yet on interest rate hikes. The market is estimating a 65% chance of an interest rate increase in September, as American personal consumption expenditure data are awaited. Analysts also suggested that the precious metal might fall back toward $3,900 an ounce amid other pressures on oil, increasing the likelihood of higher prices during the summer.
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