Gold and silver prices dropped sharply on Sept. 1 as bond yields rose across the United States, Europe and Japan. Spot gold fell nearly 1.8% to about $4,370 an ounce, extending its decline to three consecutive sessions and bringing its three-day loss to more than 3.5%. Spot silver fell nearly 3% to about $64.5 an ounce. The U.S. 10-year Treasury yield moved above 4.75%, Germany's 10-year yield reached 3.34%, and Japan's 10-year yield surpassed 3% for the first time in nearly 30 years. Higher risk-free rates reduce the appeal of assets that pay no interest, including gold. Although an escalation in the U.S.-Iran conflict lifted oil prices and haven demand, markets were more focused on the risk of renewed inflation and further interest-rate increases by major central banks. Analysts said gold could remain under pressure in the short term, with employment data and rate expectations likely to drive its next move.