Gold and gold-backed ETFs like GLD experienced a significant sell-off, with prices dropping sharply due to a combination of macroeconomic pressures. The primary drivers include a surge in U.S. Treasury yields, which increases the opportunity cost of holding the non-yielding precious metal. Additionally, elevated crude oil prices are fueling inflation concerns, leading to heightened market expectations for further interest rate hikes by the U.S. Federal Reserve, which in turn has strengthened the dollar.