Gold prices jump 3% as dollar weakens and bond yields fall

Gold prices rose 3% in spot trading on Wednesday, reaching $4,199.78 per ounce by 13:44 GMT, supported by a weaker dollar and declining US Treasury yields.

US gold futures also climbed 2.6% to $4,260.80 per ounce.

Among other precious metals, spot silver jumped 4.2% to $62.05 per ounce. Platinum gained 0.5% to $1,725.58, while palladium was up 0.5% at $1,359.80 per ounce.

The movement in gold and other metals comes as markets closely watch currency rates and global bond yields.