US Yields and Dollar Recovery Crush Gold Prices

Gold prices declined nearly 1.5% on Friday as the US Dollar recovered some ground after Japanese authorities intervened in the foreign exchange markets, driving the Greenback to a 30-day low.

The XAU/USD price fell to $4,045 as the DXY, which tracks the performance of the buck's value against six currencies, was down 0.05% at 99.91.

US Treasury yields are soaring, with the US 10-year Treasury note yielding 4.745%, up almost seven and a half basis points.

The Federal Reserve (Fed) is under pressure to raise rates to tame inflation, which stood at 3.3% YoY in the Core Personal Consumption Expenditures (PCE) Price Index.