Gold Prices Plummet on Stronger Dollar and Rising Yields

Gold prices fell on Friday, marking a second consecutive week of losses. The decline was attributed to a stronger US dollar and rising U.S. Treasury yields.

As of 00:31 GMT, spot gold dropped 0.4 percent to $2,616.58 per ounce, resulting in a three percent decline for the week, according to Reuters.

The price drop was also reflected in other precious metals, with spot silver declining 0.2 percent to $30.71 per ounce and platinum falling 0.3 percent to $918.80. In contrast, palladium rose 0.6 percent to $1,177.80.