Gold Prices Plummet Amid Rising Treasury Yields

Gold prices plummeted by 2.7% on Tuesday's trading session, reaching its lowest level since August 6, 2023.

The decline was attributed to rising US Treasury yields and a stronger US dollar, which made gold more expensive for buyers using other currencies.

According to Jim Wyckoff, a market analyst at American Gold Exchange, the current technical selling pressure is also weighing on the gold market.

Globally, bond yields are at their highest level in several years, increasing the opportunity cost of holding non-yielding assets like gold.