Gold prices continued to plunge lower on Friday after being hit by strong US dollars and a surge in US treasury yields.
Federal Reserve (Fed) Chairman Jerome Powell once again expressed his concern over the recent rise in U.S. bond yields driven by fears of inflation.
Powell once again reiterated his promise to remain with current monetary policy despite expectations of future inflationary pressures due to a large stimulus package to support economic recovery.
As a result, 10 -year bond yields jumped 4%, pushing it up to 1.55%, the highest in one year.
In the Asian session, gold precious metals traded weakly around the $ 1,693 ounce price, the lowest since June 2020.
Meanwhile, gold futures traded lower at $ 1,690 per ounce (11.00 am Malaysian time).
Investors are now waiting for the US NFP employment report for February to be released tonight, which is expected to show a higher increase than previous readings.
