Gold sharpens decline as US yields rise

Gold prices declined in Asian trade on Friday to near five-month lows, as the dollar rose on the back of higher US treasury yields. 

Dollar traded near five-month highs against a basket of major rivals, heaping pressure on dollar-denominated commodities. 

10-year US treasury yields hit a seven-year high at 3.128%, up 15 basis points this week and on track for the largest weekly increase in over three months. 

Asian stocks rose today, cutting demand on gold as an alternative investment, as risk appetite holds in the market. 

Gold prices dipped to $1,288.44 an ounce from the opening of $1,290.74, with an intraday low at $1,287.79, and a high at $1,290.85.