Gold prices briefly slipped to their lowest level in 2½ years on Friday as U.S. Treasury yields continued to storm higher, causing ructions across financial markets.
Gold futures expiring in December fell $15.30, or 0.8%, to $1,621.10 per ounce
the lowest intraday level for a most-active contract since April 2, 2020, when gold traded as low as $1,595.20 on Comex, according to Dow Jones Market Data.
expiring in December fell 44 cents, or 2.4%, to $18.25 per ounce.
expiring in December fell 5 cents, or 1.6%, to $3.356 per pound.
Rising Treasury yields and the strong U.S. dollar continued to call the tune across markets, driving global stocks and commodities like gold lower as investors brace for more interest-rate hikes from the Federal Reserve, along with the possibility that the U.S. economy will soon slide into a recession.
“The marketplace late this week is more risk averse and focused on the march higher in U.S. Treasury yields,” said Jim Wyckoff, senior analyst at Kitco.
The yield on the 10-year Treasury note
climbed 6.2 basis points Friday to 4.282%, its highest level since 2008.