Gold Prices Slide Amid Softer Oil Prices and Elevated Treasury Yields

Gold prices retreated on Wednesday after surging by 1.6% in the previous session, as softer oil prices and elevated U.S. Treasury yields weighed on bullion.

The WTI crude oil price remained largely unchanged following a sharp decline in the previous session, with signs of recovering Middle East exports offsetting concerns over continued disruptions to shipments through the Strait of Hormuz.

Meanwhile, copper futures slid to around $6.50 per pound, extending their retreat from early-month record highs near $6.80, as softer economic data from top consumer China dampened demand expectations.