Gold Prices Plummet Amid US Treasury Support for Long-Term Bonds

Gold prices declined on Thursday as investors took profits following their recent surge to over two months high. This correction occurred after a surprise announcement from the US Treasury Department that it would provide liquidity support for long-term bonds, which weakened the dollar and pushed Treasury yields lower.

According to Reuters, spot gold dropped 0.6 percent to $4,495.69 an ounce by 03:31 GMT, its lowest point since reaching its highest level on June 2nd when it jumped over 4 percent in a single session.

Despite the decline, other precious metals performed differently. Spot silver rose 0.2 percent to $67.07 an ounce, while platinum fell 1.3 percent to $1,802.29 and palladium declined 0.2 percent to $1,328.06.