India, July 8 -- Gold prices were sharply lower on Wednesday as the dollar strengthened and global bond yields surged on renewed Middle East tensions.
Spot gold tumbled 1.3 percent to $4,052.96 an ounce while U.S. gold futures were down 2.3 percent at $4,062.79.
The U.S. dollar held around its highest level in a week, Japanese government bond yields surged to multi-decade highs, and Euro zone bond yields reached their highest levels in nearly a month as renewed Middle East tensions drove up crude oil prices, threatening inflation outlook and giving rise to Fed rate hike expectations.
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