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Gold slides below $4,200 to its lowest level since Aug. 5
Gold fell below the $4,200 mark during the Asian session, as elevated US bond yields and a stronger US dollar weighed on the metal.
Gold prices weakened in early trading, slipping below $4,200 and reaching the lowest level since August 5, according to FXStreet.
The outlet linked the move to a bearish backdrop, including US Federal Reserve hawkish signals earlier in the month that kept US bond yields near multi year highs and supported expectations for another rate hike in October.
FXStreet also cited geopolitical uncertainty related to the Middle East and shipping risks, saying it boosted the US dollar and contributed to flows moving away from the commodity, even as oil prices found support.
The report added that developments around Iran and regional attacks involving Yemen prompted traders to price in a higher geopolitical risk premium, helping support crude while weighing on gold.
Latest closeGold $4,147.50 ▼4.0%|WTI crude $93.42 ▲1.1%