07.09.202118:35:00UTC+00Gold Futures Settle Sharply Lower As Dollar, Treasury Yields Rise

Gold prices declined sharply on Tuesday, pushing the most active gold futures contracts to their biggest single-session loss in about a month.

A stronger dollar and a jump in Treasury yields weighed on the yellow metal.

The dollar index climbed to 92.54, gaining about 0.53%.

The benchmark 10-year yields jumped to a more than one-week high today as investors assessed the global outlook against the backdrop of rising Delta coronavirus cases and signs of a slowdown in the economic recovery.

Gold futures for December ended down by $35.20 or about 1.9% at $1,798.50 an ounce, snapping a four-day winning streak.

Silver futures for December ended lower by $0.429 at $24.373 an ounce, while Copper futures for December settled at $4.2815 per pound, down $0.0525 from the previous close.

Traders also looked ahead to the upcoming meeting of the European Central Bank. It is expected that the ECB might act to slow down its massive bond-buying program in light of recent stronger-than-expected inflation data.