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