Gold rebounds as Treasury yields decline
Gold prices held on to most of their strong gains from the previous session, supported by declining US Treasury yields.
After rising 1.6% on Thursday and recording its strongest daily gain in more than two weeks, gold traded around $4,160 per ounce on the morning of October 16. Spot gold slipped 0.3% to $4,158.03 as of 7:48 a.m. Türkiye time, but retained most of the previous session's advance.
Concerns over the growth prospects of artificial intelligence companies triggered selling across global equity markets, while investors' search for safe-haven assets boosted demand for government bonds. A decline of 12 to 15 basis points in US Treasury yields supported gold, which does not offer interest income. Gold also recovered losses suffered following higher-than-expected US inflation data, as investors turned their attention to Federal Reserve Chair Kevin Warsh's remarks on monetary policy.
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