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May 13, 2021, 1:43 p.m. EDT

Gold futures end higher after back-to-back losses

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    Gold Jun 2021 (GCM21)

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By Myra P. Saefong

GCM21

Gold futures ended higher on Thursday, finding support after back-to-back session declines, as U.S. Treasury yields eased back from their highest levels in weeks and U.S. equities traded mostly higher. "Traders are anxious about a correction in equities given the length of this bull run," said David Russell, director of marketing at GoldCore. "Gold will always move in tandem with strong sell-offs in equities as leveraged positions become unwound," he said. So while inflationary environments favor gold over the long term, "deleveraging will take place first." On Wednesday, gold's decline coincided with losses in U.S. benchmark stock indexes, but prices for the metal moved up as the stock market strengthened Thursday. June gold /zigman2/quotes/210036734/delayed GCM21 +0.25% edged up by $1.20, or nearly 0.1%, to settle at $1,824 an ounce.

/zigman2/quotes/210036734/delayed
US : U.S.: Nymex
$ 1,780.70
+4.40 +0.25%
Volume: 129.00
June 23, 2021 3:36a
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