The spot gold price dropped to its lowest level in more than two years, pressured by a strong US dollar and the rise of US government bond yields amid concerns about prolonged tightening monetary policy and the likelihood of recession.
Bullion had been hovering above US$1,700 an ounce for most of September, but plummeted as low as $1,660.50 on Thursday and traded around $1,654.55 late Friday, according to Hua Seng Heng Futures.
