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Gold Falls 2% to Two-Week Low
Gold prices declined by 2%, reaching their lowest level in two weeks, influenced by rising U.S. Treasury yields and the U.S. dollar. The decline was partly driven by technical selling after prices fell below the 200-day moving average. Additionally, U.S. gold futures dropped by 1.6%, settling at $4,409.30 per ounce, amid increasing expectations that the Federal Reserve will raise interest rates due to inflation concerns stemming from geopolitical developments and rising bond yields. This was accompanied by a decrease in other metals, such as silver, which fell by 2.3% to $64.99 per ounce, along with declines in platinum and palladium.
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