Gold Prices Plummet Amid Hawkish Fed and Market Volatility

Gold prices dropped over 2% on Thursday due to stronger-than-expected U.S. economic data, which increased U.S. Treasury yields and strengthened the dollar. The precious metal broke several support levels, hitting a two-week low. With persistent inflation and a strong U.S. economy, the Federal Reserve is likely to maintain higher interest rates, limiting gold's near-term upside. Key technical levels to watch include $2,310, $2,300, and $2,280 on the downside, and $2,365, $2,375, and $2,420 on the upside.