A stronger dollar makes gold expensive for overseas buyers, while higher Treasury yields raise the opportunity cost of holding zero-yield bullion.
Gold prices are down over 13% since scaling a near-record peak of $2,069.89 an ounce in March as the U.S. dollar and Treasury yields were bolstered by aggressive rate hike bets. The U.S. dollar consolidated gains near a two-decade peak while equities, oil prices and riskier currencies took a hit after an unexpectedly weak economic data from China highlighted fears about a slowdown in growth.
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