Gold prices drop amid rising US treasury yields

Gold prices declined amid rising US Treasury yields and recent news regarding global trade.

Report informs, citing the exchange data, that the price of the August gold futures on the New York Comex exchange fell by $14.20 compared to the previous close, or 0.42%, to $3,383.25 per troy ounce.

September silver futures dropped by 0.58% to $39.28 per ounce.

At the same time, the yield on 10-year US Treasury bonds (US Treasuries) rose to 4.398% from 4.389% at the previous close. US government bonds are considered a “safe-haven asset” alternative to gold; an increase in their yield can push gold prices lower.