Gold Slides to $4,509 as Dollar and Yields Push Higher on Fed Outlook

Gold traded near $4,509/oz on May 24 after slipping 0.7% amid a firmer DXY near 99.32 and 10-year Treasury yields approaching 4.6%. The latest leg lower follows hotter April CPI and PPI prints on May 13 that lifted yields above 4.60% and shifted Fed rate-hike odds higher. Safe-haven bids from Strait of Hormuz tensions and Brent above $111 briefly supported prices, but progress in U.S.-Iran talks and the Trump-Xi summit eased risk premia, allowing yields and the dollar to dominate. Gold has now traded below the key $4,500 level twice since May 19 as higher-for-longer rate expectations outweigh structural buying.