YRI:CC - Gold sinks 2.5% as Treasury yields dollar rise ahead of Fed policy meeting

Gold prices tumbled more than 2% to nearly a three-month low on Monday as the benchmark 10-year U.S. Treasury yield hit 3% for the first time since December 2018 ahead of this week's meeting of Federal Reserve policy makers. June Comex gold (XAUUSD:CUR) closed -2.5% at $1,863.60/oz, extending April's decline that marked the worst monthly performance for the yellow metal since September; May silver (XAGUSD:CUR) settled -2.2% to $22.54/oz. The ICE U.S. Dollar Index was up 0.7%, trading near highs last week that was the dollar's strongest showing in more than seven years, and U.S. Treasury yields continued to rise, with the 10-year rate briefly hitting 3%. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (IAU), (NUGT), (PHYS) "There is pressure on the gold market with the stronger dollar and yields amid fears that the Fed might be more hawkish," Blue Line Futures chief market strategist Phillip Streible told Reuters, also pointing to China's contracting

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Gold sinks 2.5% as Treasury yields, dollar rise ahead of Fed policy meeting