Gold price drops as safe haven buying dries up again

The slide in the price of gold came after minutes of the last US Federal Reserve meeting released yesterday showed the US central bank opting for a more hawkish tone as the country's job picture continues to improve.

Short term bond yields – negatively correlated with the gold price as the metal is not income producing – jumped the most since March on expectations that the bank might raise rates a bit sooner than expected.

Gold price drops as safe haven buying dries up again