On Wednesday, gold prices fell to $3,979.41 per ounce, marking a seven-month low reached during the previous trading session. This decline primarily stems from rising U.S. Treasury yields, which negatively impact the appeal of the precious metal.
In detail, spot gold prices decreased by 0.7%. Meanwhile, August futures for gold dropped by 1.1%, settling at $3,992.70. The previous session saw a significant decline, with gold hitting $3,942.99 per ounce, the lowest level since November.
The downturn affected more than just gold. Silver prices fell by 1.4%, reaching $57.75 per ounce. Platinum also saw a decrease of 0.6%, landing at $1,542, after hitting its lowest point since November. Palladium experienced a slight decline of 0.4%, now priced at $1,199.34.
As rising yields continue to exert pressure, gold prices may remain under strain in the near term. Investors are closely monitoring upcoming economic data, which could influence their investment decisions. Some analysts anticipate that any shifts in monetary policy may lead to further volatility in the gold market.
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