Gold futures cratered below $2,400 to end the trading week as traders took profits heading into the weekend. Before the sharp selloff, the yellow metal had been eyeing fresh records this week. But it is not only the yellow metal that is posting declines, the broader financial markets, from the benchmark indexes to crude oil, slumped on Friday.

August gold futures plummeted $58.60, or 2.39%, to $2,397.80 per ounce at 13:39 GMT on Friday on the COMEX division of the New York Mercantile Exchange. Gold prices will post a modest weekly loss of about 0.7%, but they are still up close to 16% year-to-date.

Silver, the sister commodity to gold, plunged below $30 and might have trouble holding $29. September silver futures crashed $1.094, or 3.62%, to $29.13 an ounce. The white metal will suffer a weekly drop of 6%, but it is still up 21% so far this year.

The main factor for gold prices has been some profit-taking by traders. Additionally, the greenback and US Treasury yields are popping.

The US Dollar Index (DXY), a measurement of the buck against a basket of currencies, rose 0.17% to 104.35. The index is on track for a weekly boost of 0.25%, lifting its year-to-date performance to 3%.

A stronger buck is typically bearish for commodities priced in dollars because it makes it more expensive for foreign investors to purchase.

US Treasury yields are up across the board, with the benchmark ten-year yield up 4.9 basis points to 4.237%. The two-year yield topped 4.5%, while the 30-year bond reached 4.45%.

The upward movement in yields might be surprising as investors telegraph the Federal Reserve cutting interest rates at the September Federal Open Market Committee (FOMC) policy meeting.

Gold is sensitive to fluctuations in rates because it influences the opportunity cost of holding non-yielding bullion.

Regardless of the steep selloff, market analysts anticipate gold prices will uptrend.

“As physical markets gradually become used to higher prices and so are convinced the uptrend is here to stay, gold’s fundamentals should improve,” Metals Focus said in a weekly note.

In other metal commodities, September copper futures fell $0.0225, or 0.53%, to $4.257 per pound. September platinum futures shed $14.00, or 1.42%, to $973.10 an ounce. September palladium futures tumbled $13.70, or 1.47%, to $915.50 per ounce.