Gold posts lowest finish in nearly 2 weeks as bond yields climb
Friday, 23 August 2019 01:36 WIB | PRECIOUS METALS |GOLDEMAS

Gold futures declined on Thursday, pressured by strength in bond yields as the Fed™s symposium of central bankers got underway in Jackson Hole, Wyoming.

U.S. Treasury bonds weakened Thursday, sending the benchmark 10-year Treasury note yield up 2.4 basis points to 1.6046%. Rising bond yields can dull the luster of gold, which offers no yield.

December gold fell $7.20, or 0.5%, to settle at $1,508.50 an ounce after trading as low as $1,502.10. Prices finished at the lowest for a most-active contract since Aug. 9, according to FactSet data. Gold futures trade 1.5% lower week to date, but have gained roughly 5% for the month so far.

Among other metals, September silver lost 11.1 cents, or 0.7%, to $17.04 an ounce, while September copper gave up 2.8 cents, or 1.1% to $2.5575 a pound. October platinum added $3.80, or 0.4%, to $861.90 an ounce and September palladium settled at $1,485.20 an ounce, up $19.70, or 1.3%.

Source: Marketwatch

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