Gold Prices Stumble Above $4,400 as US Yields and Oil Rise

Gold prices have retreated in recent trading sessions after reaching new heights above $4,400 per ounce. This price level has become a focal point for investors and traders.

The spot gold price decreased by 0.33% to $4,402.39 per ounce, while December gold futures fell by 0.35% to $4,458.05 per ounce.

According to Ms. Soni Kumari, an analyst at ANZ, the rise in US government bond yields is a key factor contributing to this price drop. The increase in opportunity costs for holding non-yielding assets like gold has put downward pressure on its value.