Gold closes lackluster day and week, an unexpected spike in yield on the 10-year Treasury


Gold pretty much ended the day where it started trading at the $1336 level and down about $9 on the day – a lackluster finish for the day and the week. Silver also weakened today finishing at $17.14 and down 10¢ on the day. Not receiving much attention today was the sudden spike in yields on U.S. Treasury paper. Yield on the 10-year note hit 2.943% indicating heavy selling. In the absence of any economic news of consequence, today’s performance is likely to renew speculation that China could be unloading U.S. debt as part of its response to U.S. tariffs.

Today’s unexpected spike in rates probably contributed to gold’s downside and the 200 point drop in the DJIA.  In gold’s case the negative effect is likely to remain short term.  As posted in Tuesday’s EARLY REPORT, gold has tracked steadily higher since the Fed began raising interest rates in late 2015.  It is up about 15% over the last 24 months.

Chart courtesy of

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