Gold prices fall for third day as Treasury yields rise
Spot gold fell 0.2 percent to 4,319.98 dollars per ounce on Tuesday as benchmark 10-year U.S. Treasury yields reached a two-week high. Analysts at Citi lowered their near-term price target to 4,000 dollars citing expectations for higher interest rates and a potential delay in Federal Reserve cuts until 2027.
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Gold fell 0.2% to $4,319.98 per ounce overnight as rising Treasury yields increased the opportunity cost of holding non-yielding bullion. Prices hit a two-month low after the 10-year United States Treasury note reached a two-week high. U.S. gold futures for August delivery also declined 0.4% to $4,344.30.
