Gold Prices Slide Amid Rising Treasury Yields and Oil Costs

Gold prices fell on Tuesday as Treasury yields surged to their highest levels in decades. The steepening of the yield curve poses a headwind for gold, according to Peter Grant, vice president and senior metals strategist at Zaner Metals.

The decline in gold was also influenced by firmer oil prices, which stoke inflation worries and weigh on non-interest-bearing bullion.

Spot gold eased 0.5% to $4,393.11 per ounce, while U.S. gold futures for December delivery dropped 0.6% to $4,448.

The current pullback in gold prices may be a sign of consolidation before renewed buying interest emerges, Grant said.