Gold Tumbles as Treasury Yields and Dollar Rise

Gold prices plummeted this week due to rising Treasury yields, a stronger U.S. dollar, and renewed Federal Reserve rate-hike expectations. Despite Friday's weak payrolls report, which initially provided some relief for gold, the metal failed to sustain any forward momentum.

The yellow metal saw a brief burst of momentum on Monday, reaching its weekly high at $4,280.56 per ounce before sellers took control. The decline accelerated as higher oil prices tied to the U.S.-Iran conflict kept inflation concerns alive, while rising long-term Treasury yields and a firmer dollar reduced demand for non-yielding assets.

Only three experts out of 13 participants in the Kitco News Gold Survey expected gold prices to gain ground during the week ahead. Meanwhile, six others saw the yellow metal falling further, with nearly half of Wall Street turning bearish after gold's failure to sustain any forward momentum.