Gold falls more than 1% in Asian trading, hits $3,072 per ounce

Precious metals markets saw a notable decline at the start of Asian trading, with spot gold falling 1.2% to $3,072.78 per ounce.

In futures, U.S. gold futures for August delivery fell 0.8% to settle at $3,081.70 per ounce.

The downtrend extended to other precious metals, with spot silver falling 1.6% to $58.89 per ounce, platinum dropping 1.1% to $1,610.22, and palladium declining 1.3% to $1,260.15.