Gold prices fell on Wednesday, after hitting a seven-month low in the previous session, pressured by rising US Treasury yields.
Meanwhile, spot gold contracts fell by 0.95% to $3,970.06 an ounce, and gold had dropped in the previous session to $3,942.99 an ounce, its lowest level since last November.
Gold recorded its biggest quarterly drop since 2013 yesterday, falling for the fourth consecutive month in June 2026, after tensions in the Middle East fueled inflation fears and boosted expectations of a US interest rate hike.
Ilya Spivak, head of global macroeconomics at Tasty Life, said, "The pressure from rising bond yields is apparently what's driving gold down. The US dollar has risen slightly at the same time, which somewhat confirms what's happening."
The dollar rose, making gold, which is priced in US dollars, more expensive for holders of other currencies, and benchmark 10-year US Treasury yields also climbed.
