Gold Prices Slump Amid Rising Yields and Fed Hike Expectations

Gold prices took a hit this week, slipping by about 1.7% despite spot gold rising to $4,304.71 per ounce on Friday.

The precious metal is heading for its first weekly loss in some time as investors weigh the impact of rising US Treasury yields and growing expectations of Federal Reserve rate hikes.

US gold futures rose 1% to $4,340, while spot silver gained 1.6% to $64.90 per ounce, platinum added 1.1% to $1,767.55, and palladium fell 0.7% to $1,265.03.

Nikos Tzabouras, a senior market analyst at Tradu.com, attributed gold's support today to the pullback in oil prices on renewed hopes for a US-Iran deal.