Gold Tumbles to 2-Month Low as Treasury Yields Snap Back
RING sits 32% above its 52-week low of $58.21 on light trading volume (0.3× avg).
Summary
Gold futures fell 0.9% to $4,133.70/oz, the lowest settlement since August 4, as a rebound in Treasury yields erased early gains from a weak September payrolls report. The 10-year yield reversed from an intraday low of 5.155% to 5.285%, near 2007 highs, pressuring non-yielding bullion. For the week, gold tumbled 3.6% and silver slid 6.7%, marking the fifth decline in six weeks. Deutsche Bank's Daniel Ghali noted gold's resilience despite high yields, citing strong official sector purchases, but the immediate price action is negative for gold-linked assets like RING.
At the time of this announcement, RING was trading at $76.69 on NASDAQ in the Finance sector. The 52-week trading range was $58.21 to $100.41. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.