Gold was trading below $4,300 an ounce after oil prices and inflation fears drove another rise in bond yields overnight. The precious metal remains under pressure as investors weigh the impact of rising energy costs on the broader economy. Higher oil prices have stoked concerns about persistent inflation, which in turn has pushed bond yields higher.

This dynamic has created a challenging environment for gold, which typically struggles when yields rise. Market participants are closely watching the interplay between commodity prices and monetary policy expectations. The shift in bond yields reflects changing investor sentiment regarding inflation trajectories and potential interest rate adjustments.

As a result, gold continues to face headwinds in the current market climate.