Gold prices and the SPDR Gold Shares (GLD) ETF declined by over 1.5% during the current market session. This downward move is primarily attributed to a strengthening U.S. dollar and a rise in Treasury yields. Better-than-expected U.S. weekly jobless claims data contributed to this trend, suggesting economic resilience and keeping the potential for future Federal Reserve interest rate hikes in play. While escalating geopolitical tensions in the Middle East would typically increase demand for gold as a safe-haven asset, these macroeconomic factors have exerted more significant downward pressure on the precious metal's price today.