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Gold drops more than 2% to a two-week low as yields rise
Spot gold fell 2.4% to $4,342.20 per ounce, extending losses after bullion slipped below its 200-day moving average.
Gold prices fell more than 2% on Tuesday to a two-week low, driven by elevated Treasury yields and a stronger U.S. dollar, according to Reuters via LiveMint Markets.
The move also followed technical pressure, with bullion breaking below its 200-day moving average around $4,528 on August 28, which contributed to additional selling.
U.S. Treasury yields rose to their highest since January 2025 as Middle East tensions stoked inflation fears and triggered a broader bond selloff, increasing the opportunity cost of holding non-yielding bullion.
Spot gold was down 2.4% at $4,342.20 per ounce by 2:02 p.m. ET after earlier hitting $4,362.89, while spot silver fell 2.9% to $64.57. Platinum declined 1.9% to $1,756.58 and palladium dropped 3.2% to $1,312.13.
Latest closeGold $4,157.80 ▲0.4%|Silver $59.48 ▼0.7%|Platinum $1,647.50 ▼2.7%