The SPDR Gold ETF GLD slumped 0.3% toward a seven-month low in afternoon trading Thursday, as declines in the U.S. dollar and Treasury yields couldn’t stop the shiny-metal tracker’s slide. The ETF, which tracks gold prices, was headed for a ninth-straight loss, which would be the longest losing streak since the nine-day stretch that ended July 6, 2022, according to Dow Jones Market Data. The ETF has shed 5.6% during its current losing streak, which is the worst nine-day stretch for the ETF since it fell 5.7% over the nine days ended March 21, 2022. The continued selloff comes even as the U.S. Dollar Index DXY fell 0.3% and the yield on the 10-year Treasury note slipped 0.014 percentage points to 4.721%. Gold prices have been falling as the recent spike in Treasury yields to 16-year highs and strength in the dollar have made the metal less attractive. Gold, which doesn’t pay interest, is priced in U.S. dollars, so as the value of the dollar rises, the value of gold per dollar decreases. The gold ETF has lost 0.6% year to date, while S&P 500 SPX has rallied 10.45.
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