Gold Prices Plummet as Stronger Dollar and Rising Yields Weigh

Gold prices tumbled this week as investors sold off the precious metal in response to rising Treasury yields, a stronger US dollar, and renewed expectations of another Federal Reserve rate hike.

The yellow metal's price fell from $4,277.90 per ounce on Sunday evening to its weekly low at $4,110.95 per ounce on Thursday.

However, after the weak payrolls report on Friday, which saw the US economy add only 29,000 jobs and the unemployment rate rise to 4.2%, gold prices surged temporarily, but ultimately ended the week just $15 off session lows.

According to the Kitco News Gold Survey, Wall Street is teetering on the brink of a bearish majority, with nearly half of respondents turning bearish after gold's failure to sustain any forward momentum.