Gold prices retreated below $4,300 an ounce as Treasury yields hit 5% and the US dollar strengthened, overshadowing supply-driven gains in oil markets.
Gold fell below $4,300 as rising US dollar and Treasury yields reduced appeal of non-yielding assets ahead of expected Fed rate hike.
The US Dollar Index gained as Treasury yields rose and markets priced in a near-certain Fed rate hike.
Spot silver declined in tandem with gold, pressured by stronger dollar and higher yields.
Oil prices rose following the shutdown of Saudi Arabia's East-West pipeline, raising supply concerns.
Platinum bucked the trend with a slight gain, though the move was modest amid broader precious metals weakness.
Spot gold prices fell 0.2% to $4,290.39 as markets brace for a near-certain Federal Reserve rate hike. Rising Treasury yields and a stronger US dollar continue to pressure non-yielding assets, while oil prices climb following the shutdown of Saudi Arabia's East-West pipeline.
Gold is a non-interest-bearing asset; as Treasury yields rise and the Federal Reserve signals potential rate hikes, investors shift capital toward yield-generating investments.