Gold drops on U.S. rate hike worries
Gold prices continued to decline due to the rise in U.S. 10-year Treasury bond yields, which increased the opportunity cost of holding the non-yielding metal. The spot price of gold dropped to $1,431.11 per ounce, reaching its lowest level since March, while the U.S. gold futures contracts decreased by 0.7% to $1,336.30. These declines come amid concerns over potential U.S. interest rate hikes and increased inflation risks, along with escalating hostilities in the Middle East and rising oil prices.
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