Gold Prices Plummet on Hawkish Fed Bets, Rising Yields

Gold prices retreated from daily highs of $4,376 on Tuesday as investors priced in further Federal Reserve tightening towards year-end.

The US Treasury yields rose by more than 1.6 basis points to 4.97%, a signal that investors expect the Fed to tackle inflation.

Despite increasing hopes for an end to the US-Iran conflict, energy prices have edged lower since the beginning of the week.

Bullion prices remained pressured following the Federal Reserve's decision to increase rates last week, which triggered a cascade of hawkish comments by several policymakers.