Gold prices have dropped to a seven-week low, falling below the $4,200 mark. This decline comes as higher oil prices, firm US Treasury yields, and a stronger US Dollar weigh on the precious metal, according to FX Street.
The break below $4,200 has triggered increased technical selling, further pressuring gold's price. FX Street highlighted that the combination of these factors has extended gold's downward trend.
For Japanese investors, the movement in gold prices is notable as fluctuations in the US Dollar and energy markets continue to influence safe-haven assets and risk sentiment across Asia.