Gold holds biggest decline in six weeks after bond yields surge

Losing its shine: Flames alight newly-poured gold ingots in their moulds at a plant in Kasimov, Russia. Bullion fell last year in its biggest annual decline since 2015 as central banks started to dial back pandemic-era stimulus to fight inflation. — Bloomberg

NEW YORK: Gold was steady after posting its biggest drop in six weeks as bond yields surged, with investors bracing for monetary policy tightening in 2022.

Ten-year Treasuries had the worst start to a year in more than a decade, with yields rising 12 basis points on Monday, the largest first-day jump since 2009, according to Bloomberg data.