Gold prices plunged sharply on Monday, resulting in the most active gold futures contract posting its biggest single-session loss in more than three months.
A stronger dollar and higher Treasury yields following the nomination of Jerome Powell as the Fed Chairman for a second term weighed on the yellow metal.
The dollar index climbed to 96.48, gaining nearly 0.5%.
The yield on U.S. 10-year Treasury Note rose to around 1.62%, surging up from Friday's 1.535%.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.