Gold Suffers Fourth Weekly Decline as Yields Rise

Gold prices have taken a hit this week, and it seems they're headed for a loss. According to data, spot gold has fallen by 0.1% to $4,274.94 per ounce as of 11:45 a.m. ET (1545 GMT). This decline comes after a string of rising US Treasury yields, which have increased the opportunity cost of holding non-yielding bullion.

Experts point out that gold's appeal has been dented by concerns over sticky inflation and hawkish signals from Federal Reserve policymakers. The Fed raised interest rates last week for the first time in three years, signaling more hikes ahead. With a 64% chance of an October hike and a 93% chance of one in December, according to CME's FedWatch Tool, investors are turning to yield-bearing assets.

Gold is traditionally considered an inflation hedge and safe investment during geopolitical uncertainty. However, higher interest rates have tarnished its attractiveness. Bullion has fallen about 19% from its February 27 session high.