Doha:Gold prices declined on Tuesday as the US dollar strengthened and Treasury yields reached their highest levels in 24 years. This combination of factors exerted pressure on the precious metal, although losses were mitigated by diminishing expectations for a Federal Reserve rate hike this month.
According to Qatar News Agency, Spot gold decreased by 0.3% to $4,128.69 an ounce, while US gold futures remained largely unchanged at $4,156. The dollar's continued rise made gold more costly for investors using other currencies, thereby affecting demand. Simultaneously, yields on 10-year and 30-year US Treasuries surged to levels not seen in 24 years, indicating ongoing challenges in the bond market.
Other precious metals also experienced declines. Spot silver dropped 0.6% to $60.67 an ounce, platinum decreased by 0.7% to $1,710.08, and palladium fell by 0.2% to $1,170.15 per ounce.