Commodities
Gold Sinks 1.3% Amid Soaring US Yields
The price of gold has fallen by 1.3% on Monday as long-term US yields have surged to multi-year highs.
The increase in US yields was driven by upbeat economic data, inflation concerns, and expectations of higher interest rates from the Federal Reserve.
The boost in oil prices also weighed on gold, with US crude oil rising 1.3% in Asia as President Trump rejected a peace plan for Iran.
Gold had been trading above its key support level at $4230, which is 61.8% of the price range from June to August, but this level has now given way, sending the price to a seven-week low.