Gold remained heavily offered through the early North-American session and tumbled to fresh daily lows in the last hour. 

After a brief mid-session consolidation phase, the previous metal met with some fresh supply and extended its sharp intraday retracement slide from 1-1/2 week tops. The initial leg of weakness was triggered by a goodish rebound in the US Treasury bond yields, which tend to drive flows away from the non-yielding yellow metal.

Adding to this, a sudden pickup in the US Dollar demand exerted some additional downward pressure on the dollar-denominated commodity, which coupled with possibilities of some short-term trading stops being triggered on a sustained weakness below the key $1300 psychological mark further aggravated the bearish pressure.

Source: fxstreet.com