Gold Prices Plunge Amid Strengthening USD and High Bond Yields
Global gold prices have plummeted to around $4,278 per ounce, down 1.82% in the latest session.
The downward trend of precious metals is attributed to the strengthening US dollar, which has reached its highest level in about two months at 100.79 points on the USD Index.
The appreciating greenback makes gold less attractive to investors holding other currencies, as it's valued in USD.
The yield of 10-year US government bonds continues to hover around the 5% zone, putting additional pressure on gold prices.