Gold futures end lower Thursday as yields pop higher, U.S. stocks rally

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Gold futures closed slightly lower Thursday, quashing bullion’s attempt to deliver its first back-to-back gain since mid July, as Treasury yields climbed but still hung near lows not seen since mid to early February. The 10-year Treasury note
TMUBMUSD10Y,
1.211%
was yielding around 1.20% Thursday afternoon after hitting its lowest intraday level since Feb. 10 at 1.1255%, a day earlier. December gold
GCZ21,
-0.43%
settled $5.60, or 0.3%, lower at $1,808.90 an ounce, after closing up less than 0.1% on Wednesday. The decline for gold also comes as the Dow Jones Industrial Average
DJIA,
+0.59%,
the S&P 500 index
SPX,
+0.44%
and the Nasdaq Composite Index
COMP,
+0.69%
were rallying, trading at or near record highs and underscoring a weaker appetite on the session for assets perceived as havens like gold and bonds. The rise in Treasury yields can also undercut the appeal of gold compared against precious metals that don’t offer a coupon.

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