Gold prices tumbled on Friday to their lowest level in more than a week as rising US Treasury yields and a stronger dollar weighed heavily on investor sentiment across precious metals markets.
Spot gold fell 2.3% to $4,541.91 an ounce by 15:40 GMT after earlier touching its lowest level since May 4. The metal has now declined roughly 3.7% since the start of the week.
US gold futures for June delivery also moved sharply lower, falling 3.2% to $4,535 an ounce.
The decline comes as higher Treasury yields increase the opportunity cost of holding non-yielding assets such as gold, while a stronger US dollar makes bullion more expensive for buyers using other currencies.
The broader precious metals market also came under pressure during the session. Spot silver plunged 8.6% to $76.27 an ounce, marking one of the sharpest declines among major metals.
Meanwhile, platinum slipped 3.9% to $1,976.54 an ounce, while palladium declined 1.7% to $1,412.11.
Analysts said investors continue to reassess expectations around US monetary policy and inflation, with markets increasingly pricing in the possibility that interest rates could remain elevated for longer amid resilient economic data and ongoing inflation concerns.
