Gold below $4,400 as yields rise, Fed odds slip
Gold prices dropped under $4,400 per ounce on Tuesday, mainly because long-term bond yields are rising and the Fed is less likely to hike rates again this year.
The US dollar steadied after a recent dip, and weaker economic data in the US has made another rate increase look pretty unlikely.
US 30-year yields highest since 2007
US 30-year Treasury yields hit their highest point since 2007 as concerns grow over government spending and more bonds being sold.
Europe's borrowing costs are up too, hitting levels not seen in over a decade.
Ole Hansen, head of commodity strategy at Saxo Bank AS, pointed out that these fiscal worries could actually change how gold usually reacts to rising yields, and might even help support gold prices going forward.
Silver, platinum and palladium also saw drops, while the dollar stayed flat.