Gold drops 3% to 7-week low as dollar, yields, oil firm on Fed tightening bets

Gold prices fell over 3% to a seven-week low, pressured by a stronger dollar, higher bond yields, and firmer oil prices, which reinforce expectations of continued US monetary tightening. The move signals a risk-off tone in precious metals but reflects broader market pricing of persistent inflation and hawkish Fed policy. Uncertainty remains over the Fed's next steps, but the immediate driver is the macro backdrop.