Gold retreats as bond yields surge to highest levels in decades
GLD•Higher borrowing costs weigh on bullion
"The steepening of the yield curve poses a headwind for gold, while firmer oil prices are also a factor behind today's weakness," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
"Despite the current pullback, we remain bullish on gold and see further upside potential, though the market may need to work through a period of consolidation before renewed buying interest emerges," Grant said.
Long-term borrowing costs from the U.S. to Japan and Germany hit their highest levels in decades, weighing on non-yielding gold, while crude prices remained in positive territory for a third straight session.
Gold falls as yields and oil prices climb
Gold prices fell on Tuesday as Treasury yields surged to their highest levels in decades, with rising energy prices on escalating U.S.-Iran tensions further stoking inflation worries and weighing on non-interest-bearing bullion.
