Analyst: Rising yields, elevated oil prices, and improving economic data combine to create an unfavorable environment for gold.

OCBC analyst Christopher Wong said: "Rising yields, high oil prices, and improving economic data create an unfavorable environment for gold. If yields continue to climb, it would not be surprising for gold prices to remain under pressure." He added that the long-term logic has not changed, but a new round of significant gains in gold prices will most likely require a new catalyst.