Gold Prices Plummet 2.3% Amidst Strengthening Dollar

Abu dhabi: Gold fell on Friday to its lowest level in more than a week, affected by the rise in US Treasury yields and the strengthening of the dollar. Spot gold dropped by 2.3% to $4,541.91 per ounce by 15:40 GMT, after earlier in the session touching its lowest level since May 4. Prices have also declined by about 3.7% since the beginning of the week, while US gold futures for June delivery fell by 3.2% to $4,535. According to Emirates News Agency, the downturn in gold prices was accompanied by declines in other precious metals. Spot silver plummeted by 8.6% to $76.27 per ounce, platinum declined by 3.9% to $1,976.54, and palladium dropped by 1.7% to $1,412.11.