Gold on Friday fell to its lowest level since late May at $1,208.31, as U.S. Treasury yields continued to rise, and the dollar surged to its highest in more than 13-1/2 years on expectations for a U.S. rate hike next month. The dollar-denominated bullion were therefore hit again. On technical front, gold was kept under pressure by market bears, and is expected to find support at the key mark of $1,200 as it gradually moved down to this level. Among current bearish circumstances, investors are not recommended to long the yellow metal at the time of temporary rebound.
Silver dropped to $16.58 an ounce, its lowest since June 8. Despite of declining at a slower pace, investors are not recommended to long the white metal as it’s still too early to say that a turning point is coming among all the headwinds for precious metals.

 
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