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Gold slides more than 2% to a two-month low as yields rise
Spot gold fell 2.3% to $4,066 per ounce, after the dollar index climbed 0.5% and 10-year Treasury yields hovered near 5.3%.
Gold prices fell more than 2% in Wednesday trading, sliding to a two-month low as higher Treasury yields and a stronger US dollar weighed on bullion, according to LiveMint Markets.
Spot gold dropped 2.3% to an intraday low of $4,066 per ounce, its lowest level since August 5. The US dollar index rose 0.5%, making dollar priced gold more expensive for buyers using other currencies.
The move also tracked elevated bond yields, with 10-year US Treasury yields last around 5.282% and earlier near 5.35%, while 30-year Treasury yields traded just below a 24-year high at 5.655%. LiveMint Markets said investors are demanding more compensation for holding global bonds amid persistent inflation concerns, government spending, and higher corporate borrowing linked to AI investment.
The article also pointed to additional caution tied to France’s fiscal woes, which it said could affect broader European sentiment. Investors are looking ahead to FOMC minutes for signals on Fed policy amid inflation risks and potential rate hikes.
Latest closeGold $4,150.40 ▼0.3%|Dollar index 102.19 ▲0.3%