Gold Prices Plummet Amid Higher Yields and Strong Dollar

Gold prices hit a two-week low on Wednesday as investors awaited US jobs data for clues on interest-rate paths. The precious metal steadied at $4,333.49 per ounce after hitting its lowest since August 14 earlier in the day.

The decline was attributed to higher U.S. Treasury yields and a firmer dollar, making gold more expensive for buyers using other currencies. Spot silver, on the other hand, gained 0.1% to $64.31 per ounce.

U.S. gold futures for December delivery fell 0.4% to $4,380.40, while platinum edged 0.2% lower to $1,736.93 and palladium dropped 0.2% to $1,308.25.