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2/26, 4:17 PM (Source: TeleTrader)
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Gold plunges below $1,800, lowest since July 2020

Prices of precious metals fell on Friday, with gold dropping below the $1,800 threshold for the first time since July 2020 as recent strength in US Treasury yields made the non-yielding metal even less interesting to investors.

While gold is often seen as a "safe haven" and practical hedge against inflation, higher bond yields increased the opportunity cost of holding bullion.

Spot gold fell 1.74% to sell for $1,738.87 per ounce at 10:14 am ET, while silver sank 2.87% to $26.56 per ounce at the same time. Platinum slid 2.96% to $1,187.61 at 10:15 am ET, while palladium concurrently went down by 3.76% to go for $2,319.00 an ounce.

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