Gold Falls 3.4% in Rare Single-Day Drop as Treasury Yields Spike

The rarity here matters more than the headline number. A move this far into the left tail implies the driver was macro, not gold-specific, which is why the Treasury yield link is the only causal thread offered. That distinction shapes what follows: if yields are the mechanism, gold's near-term path is a rates story rather than a metals-demand story, and the same transmission channel runs through other yield-sensitive assets, including parts of the tokenized RWA complex. Whether the yield spike persists or mean-reverts is the open question.