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Gold falls amid rising yields and rate hike bets
Gold prices declined during today's trading session due to rising bond yields and increased expectations of an interest rate hike in the United States. The precious metal fell about 6% over the past three days, approaching a two-week low around $1,305 per ounce. This decline was driven by higher yields on global bonds and a strengthening US dollar, which led to a 0.5% drop in spot gold to approximately $1,309.32 per ounce. Gold prices in other metals such as silver and platinum also decreased. It appears that the ongoing tensions in the Middle East and their impact on the bond market were significant factors in this downturn, as investors await US jobs data that could influence expectations for the upcoming rate hike.
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