Gold Prices Decline as U.S. Treasury Yields Rise and Fed Signals Higher Rates

Gold prices are down and hit a five-month low as U.S. Treasury yields continue to rise, reaching their highest level in 15 years. The strengthening U.S. dollar index is also contributing to the bearish sentiment. The minutes from the Federal Reserve's last meeting indicated a commitment to reducing U.S. inflation, further pushing up Treasury yields and the dollar. Additionally, China's central bank announced plans to provide stimulus to its economy and prevent further depreciation of the yuan, which has been impacting the precious metals market due to weaker demand concerns.