Gold futures for the August 2024 contract, now the most actively traded, experienced a double-digit decline on the last trading day of May. In New York, the August contract closed at $2,345.60 per troy ounce, down $20.70 or 0.81%.

Gold futures basis the August 2024 contract, which is now the new most active contract had fractional gains today. In New York trading the August contract is currently fixed at $2366.50 after factoring in a gain of $2.40, or 0.10%.

Gold prices fell sharply on Wednesday, as U.S. dollar gains and climbing Treasury yields sparked concerns over the Federal Reserve's anticipated path of interest rate cuts this year.