Gold ekes out gain despite rise in Treasury yields

Gold futures eked out a gain Wednesday, shaking off a rise in Treasury yields as U.S. stocks slumped. Gold for August delivery GC00, +0.08% GCQ22, +0.08% rose 30 cents to close at $1,848.70 an ounce on Comex. The yield on the 10-year Treasury note TMUBMUSD10Y, 2.902% rose around 10 basis points to 2.94%. Rising yields can be a headwind for gold, raising the opportunity cost of holding nonyielding assets.