PHYS - Gold slides to lowest settlement in 11 months as bond yields keep rising

Gold futures fall again, with strength in the dollar and U.S. Treasury yields continuing to pressure prices for the precious metal, which settled at their lowest since April.April Comex gold (XAUUSD:CUR) closed -1.2% to $1,678/oz., the lowest most-active contract price finish since April 3; meanwhile, May silver (XAGUSD:CUR) ended -0.1% to $25.27/oz."As long as bond yields keep ticking higher, the hot money is likely to start thinking gold is a sell, and some of last year's first-time investors will consider taking a loss now for fear of bigger losses ahead," Adrian Ash, director of research at BullionVault, tells MarketWatch."We have an economy that is recovering and inflation is materializing; that ultimately means yields have room to move higher," which could continue to push gold to $1,660, says TD Securities' Bart Melek.Analysts also say Fed Chair Powell's failure to address the recent surge in U.S. yields last week further pressured gold.The Fed

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Gold slides to lowest settlement in 11 months as bond yields keep rising