Gold falls to 8-week low on stronger dollar, rising yields

Singapore: Gold prices fell on Thursday for a fifth straight session to hit its lowest level in eight weeks, pressured by a stronger US dollar and rising Treasury yields amid uncertainty over the pace of the Federal Reserve's interest rate cuts.

Spot gold was down 0.6% at $2,559.39 per ounce, after hitting its lowest since Sept. 19 earlier in the session.

US gold futures fell 0.9% to $2,564.00.

The US dollar advanced to a one-year high, making gold more expensive for overseas buyers, while Treasury yield rose to its highest since July.

Data released on Wednesday showed that US consumer prices increased as expected in October.

Spot silver fell 0.9% to $30.05 per ounce, its lowest level since 19 September 2024.

Platinum lost 0.5% to $933.10, and palladium dropped 0.8% to $925.75.