Gold futures prices headed toward a third straight advance Thursday, with the metal’s haven status attracting buying as a sharp retreat for U.S. stocks spread to global markets.
December gold jumped $13.50, or 1.1%, to $1,207 an ounce, on track for the strongest finish in over a week. December silver rose 8 cents, or 0.6%, to $14.405 an ounce.
Gold gained with U.S. stock futures pointing to more red on Wall Street to start a new session, and with the dollar, a key driver for the precious metals, also lower. Another haven market, however, U.S. Treasury bonds - chief among culprits influencing rickety stock trading of late - drew their own fresh demand Thursday, halting for now the rise in yields that spooked stock investors. Bond prices and yields move inversely.