Gold drops 0.5% as US Treasury yields rise and inflation fears grow
Gold prices fell today as surging US Treasury yields and higher energy costs fueled inflation concerns, weighing on the non-yielding precious metal.
Key Takeaways
AIGold prices declined in trading today, pressured by US Treasury yields climbing to their highest levels in decades. The rise in energy prices also heightened inflation fears, putting further pressure on the non-yielding precious metal.
Spot gold fell 0.5% to $4,393.11 per ounce as of 13:51 GMT, while US gold futures for December delivery dropped 0.6% to $4,448.
Losses extended to other precious metals, with spot silver down 1.5% to $64.82 per ounce.
Platinum prices slipped 1.7% to $1,740.90, while palladium fell 2.4% to $1,301.50.