Gold Closes Lower by More than 2%

Gold prices dropped on Wednesday, due to the surge in Treasury bond yields in the United States to their highest level since March of last year.

The yellow metal futures for February delivery declined by $45.80, or 2.3%, to close at $1,908.60 per ounce.

Meanwhile, silver futures for March delivery lost 60 cents, or 2.2%, finishing at $27.042 per ounce.

The slump for gold comes after it touched a two-month high Tuesday amid the reports on the Georgia political races.