CUR - Gold dips 2% as 10-year Treasury yield tops 1% highest since March

Gold futures (XAUUSD:CUR) settled -2.3% to $1,908.60/oz. as a jump in U.S. Treasury yields boosted the dollar and triggered a selloff in the yellow metal."Rising long-term Treasury yields are a negative headwind for gold," says Altavest's Michael Armbruster, adding that gold likely will move lower if the 10-year yield continues to rise.If the Democrats sweep the Georgia runoff elections, "that will likely put further upward pressure on Treasury yields, so... gold could move lower in the short run even if the U.S. dollar index continues to weaken," Armbruster tells MarketWatch.Gold's slump comes after touching a two-month high yesterday, and some of today's slide may be investors consolidating some of their overnight gains.But the dip is a buying opportunity, says Tai Wong, head of base and precious metals derivatives trading at BMO, as "a Democratic Congress with Biden in the White House is a license to spend, and that's not a

For further details see:

Gold dips 2% as 10-year Treasury yield tops 1%, highest since March