Gold drops 0.8% to $3,974.75/oz as 10-year yield hits 4.465% and September hike odds rise to 67%
On July 1, spot gold fell 0.8% to $3,974.75 an ounce, after touching an intraday low of $3,942.99, the weakest level since last November. Silver, platinum and palladium also declined. The drop followed a sharp rise in U.S. Treasury yields, with the 10-year at 4.465%, and a market-implied 67% chance of a Fed rate hike by September, compounded by Cleveland Fed President Beth Hammack signaling a preference for further tightening.