Gold Prices Tumble to Seven-Week Low as US Yields Soar

Gold prices have been under pressure in recent days, falling to a seven-week low of $4,110.55 per ounce on Monday before recovering modestly on Tuesday.

The decline represents a significant deterioration from Friday's close around $4,285 and has pushed gold well below several technical levels that had previously provided support.

Rising US Treasury yields continue to be the dominant pressure on gold, with the benchmark 10-year Treasury yield climbing to around 5.24% on Monday and remaining close to 5.25% on Tuesday.

This marks a further acceleration from the 5.16% level recorded at the end of last week and increases the opportunity cost of holding a non-yielding asset like gold.