The biggest gold fund fell 2.6% on the day long Treasurys rallied
BlackRock's long Treasury fund rose 1.9% that day as the 10-year yield fell 17 basis points, and the gold fund lost 4% on the week.
Key takeaways
State Street's SPDR Gold Shares, GLD, fell 2.6% on Thursday, Oct. 22, while BlackRock's iShares 20+ Year Treasury Bond ETF, TLT, rose 1.9%. The 10-year Treasury yield fell 17 basis points, to 4.96%, from 5.13% on Wednesday, the U.S. Treasury reported.
CNBC said investors turned to Treasurys amid a steep selloff in stocks driven by concerns about the artificial intelligence trade and surging oil prices. GLD, which holds bullion, had $140.3 billion in assets as of Wednesday, State Street reported.
For the week ended Friday, Oct. 23, GLD lost 4% and TLT gained 1.6%. The 10-year yield finished at 5.00%, down from 5.09% the Friday before.
Gold and long Treasurys parted on Thursday
- GLD · 95.97
- TLT · 101.61
Ten U.S.-listed funds that hold physical gold all fell, by a median 4.1%, so the week's loss was not the gold fund's alone.
Global gold and other precious-metals funds took in $1.29 billion in the week through Wednesday, their fifth week of net purchases in six, Reuters reported, citing LSEG Lipper.
Reuters said Friday that gold was headed for its steepest weekly drop in more than four months, with higher oil prices bolstering concern that rates would stay high.
The 10-year yield did not rise with that concern. It fell on the week, and its largest drop came on Thursday, when GLD had its worst day of the week and TLT rose.
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