Gold drops 2% as rising yields and dollar dent appeal
Gold prices fell more than two percent on Friday as surging Treasury yields and a stronger U.S. dollar reduced its appeal. Persistent inflation concerns and rising oil prices reinforced expectations of elevated interest rates.
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Gold dropped 2.1% to $4,551.81 per ounce on Friday midday, heading for a 3.4% weekly loss. Surging Treasury yields and a stronger dollar dented non-yielding bullion amid escalating Middle East tensions. The drop marks the lowest level for spot bullion since May 5.
