Gold Racing Back Toward $2,000 As Yields Tumble

 
Gold prices jumped more than 2%, reaching just shy of $2,000 an ounce for the first time in nearly a week, as a renewed drop in Treasury yields pushed investors back toward safe-havens.
 
 
By 11:00 AM ET (15:00 GMT), December gold futures on Comex rose $39.65, or 2%, to $1,995.15 after a peak at $1,999.05 — its highest since Aug 11.
 
On a daily basis, it was the highest percentage gain for gold since May 7, when it also rose 2.3% on the day.
 
The spot price of gold, which reflects metal for immediate delivery, lagged the gains in futures, rising by $39.10, or 2%, to $1,983.59.
 
Yields on the U.S. 10-Year Treasury note dropped 4%.