Gold Tumbles to 8-Week Low Amid Strengthening US Dollar and Rising Treasury Yields

Gold prices plummeted more than 3% on Monday to their lowest level in eight weeks, falling below $4,200 an ounce. The decline comes amid a stronger US dollar and rising Treasury yields, which have put pressure on gold.

The price drop follows last week's 2.25% decline, its fourth weekly loss in five weeks, as investors anticipate a Federal Reserve interest rate hike in October.

The US Dollar Index rose nearly 0.2% on Monday, resuming gains and moving back toward a two-month high, driven by growing concerns over escalating tensions between the United States and Iran.