Gold Suffers First Loss in 5 Sessions as Treasury Yields Rise

Gold futures fell on Thursday, posting their first loss in five sessions, after recording the a 1-month high yesterday.

Prices fell as the 10-year Treasury yield increased 3.4 basis points to 1.164%. 

"The path for gold of least resistance is lower as long as the trend in long-term Treasury yields is pointing up," said Michael Armbruster, managing partner at Altavest. 

He said, "In our opinion, the trend towards gold is declining for at least the next few months," adding that "our advice to gold speculators is to keep their powder dry and wait for a pitch later this year."

Gold prices for April delivery lost $15.90, or 0.9% to settle at $1,826 an ounce. from $1,842 on Wednesday, the highest since Feb. 1.