Gold declines over 1.5% as yields and oil rise

Gold prices fell today, Tuesday, by more than 1.5%, influenced by rising U.S. Treasury yields and increasing oil prices. Markets are also closely monitoring the Federal Reserve's July meeting minutes, which may provide clues about future monetary policy. This decline follows a two-week rise in the yellow metal, supported by weak American data on the labor market and inflation, which lowered expectations of a rate hike. Nonetheless, long-term U.S. Treasury yields remain high, and gold prices are expected to be negatively affected if geopolitical tensions continue to escalate and monetary policy changes occur, especially since gold is hovering around $4,400 per ounce, a level seen as a key resistance point.

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