Commodities
Gold declines as dollar strengthens and Treasury yields surge
Gold prices dipped on Tuesday as the US dollar strengthened and Treasury yields reached their highest levels in over two decades. Spot gold dropped 0.3% to $4,128.69 an ounce, while US gold futures held steady near $4,156. The dollar's rise made gold more expensive for investors using other currencies, reducing demand for the precious metal.
The yield on 10-year and 30-year US Treasuries hit 24-year highs on Monday, signaling continued weakness in the bond market. Despite these headwinds, gold's losses were limited by fading expectations of a Federal Reserve rate hike this month.
Other precious metals also declined on Tuesday. Spot silver fell 0.6% to $60.67 an ounce, platinum dropped 0.7% to $1,710.08, and palladium eased 0.2% to $1,170.15.