Gold futures dip below 50-day average as Treasury yields surge.

Gold futures experienced volatile price action, testing the 50-day exponential moving average before recovering to close above $4,400. Despite the late-session bounce, the contract remains on track for a third consecutive lower weekly close. Markets also digested the latest U.S. inflation data, where core CPI rose 0.3% against expectations of 0.2%, reinforcing market expectations for a 25 bps rate hike at next Wednesday's Federal Reserve meeting. Rising interest rates continue to create a headwind for the precious metal, as the 10-Year Treasury yield approaches 5% and the 30-Year yield reaches levels not seen since 2007.