Gold prices drop below $4,200 amid rising oil prices and Fed rate hike expectations.

Key points

• Gold prices fell below $4,200, extending a significant decline influenced by rising oil prices and expectations of Federal Reserve rate hikes.
• On October 12, gold experienced its worst day in 12 years, dropping over 5% amid a stronger U.S. dollar and profit-taking.
• Despite recent declines, gold remains up 56% year-to-date, supported by central bank buying and geopolitical tensions.
• The U.S. 10-year Treasury yield steadied near 5.23%, below its 24-year high, and the dollar's rally slowed, providing some support for gold.