Precious Metals Drop as Dollar Strengthens and Yields Rise

Precious metals experienced a downturn in global markets on Tuesday, driven by a stronger US dollar and higher US Treasury yields. Gold, in particular, faced selling pressure, with spot gold dropping 0.3% to $4,128.69 per ounce. US gold futures remained relatively stable, trading at $4,156 per ounce. The decline in gold prices was somewhat tempered by diminished expectations of a Federal Reserve interest rate hike this month.

Other precious metals also saw declines. Spot silver fell 0.6% to $60.67 per ounce, while platinum dropped 0.7% to $1,710.08 per ounce. Palladium, meanwhile, eased slightly by 0.2% to $1,170.15 per ounce.