Gold Price Plunges Below $4,400 Amid Rising US Yields

The price of Gold (XAU/USD) has fallen below $4,400 as US Treasury yields rise and risk-averse sentiment boosts demand for the safe-haven US Dollar. Concerns about a potential re-escalation of the Iran war are also contributing to the increased demand for the US Dollar.

The current price is still within the weekly range, above the $4,315 floor, but key resistance remains at $4,500.

US Treasury yields have reached a one-year high, with the 10-year yield exceeding 4.7% and the 30-year yield hitting fresh 19-year highs above 5.3%. This increase in yields is putting pressure on Gold.