Gold prices drop on rising US bond yields and weak China data.

Gold prices fell due to weak economic data from China, indicating a slowing global economy that could reduce demand for precious metals. A rise in US Treasury yields also negatively impacted safe-haven metals. China's exports fell more than expected in May, while imports fell less than expected. The post-Covid Chinese economy is sputtering, and global trade is cooling rapidly amid major central banks tightening their monetary policies, potentially negatively impacting the raw commodity sector, including metals.