The price of June futures for gold on the New York Comex exchange fell by $3.95, or 0.21%, to $1,812.12 per troy ounce. July silver futures fell 0.66% to $21.407 an ounce.
The 10-year US Treasury yield rises to 2.908% from the previous close of 2.884%. A higher yield makes gold a less profitable asset, and as a result, its value falls.
Analysts predict that the price of gold could reach $1,850 per troy ounce as investors look for safe assets amid inflationary pressures.
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