Gold slides to 1-week low on elevated US dollar, yields

Gold prices extended losses to hit their lowest level in a week on Wednesday as U.S. Treasury yields and the dollar strengthened on expectations that interest rates are likely to remain high.

Spot gold
was subdued at $1,925.70 per ounce by 0313 GMT, after posting its biggest one-day loss since Aug. 1 on Tuesday. U.S. gold futures
dipped 0.1% to $1,951.

The U.S. dollar hovered near six-month highs hit on Tuesday, while 10-year bond yields were at over one-week highs as markets weighed cues on interest rates.

Source: Reuters