Gold Hits Lowest Level in Over a Week

Gold prices experienced a notable decline on Friday, reaching their lowest level in over a week. This drop was influenced by rising U.S. Treasury yields and the strengthening of the dollar.

Spot gold fell by 2.3 percent to $4541.91 per ounce by 1540 GMT. Earlier in the session, it hit its lowest point since May 4.

Since the start of the week, gold prices have decreased by approximately 3.7 percent. Additionally, U.S. gold futures for June delivery dropped by 3.2 percent to $4535.

In other precious metals, silver plummeted by 8.6 percent in spot transactions to $76.27 per ounce. Platinum declined by 3.9 percent, reaching $1976.54, while palladium fell by 1.7 percent to $1412.11.