Gold futures fall as U.S. Treasury yields jump

CHICAGO, Dec. 19 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Tuesday, as U.S. Treasury yields jumped on an uptick in housing starts for November.

Market players were wary of taking new positions before the holiday season. Gold is on track to post its narrowest trading range of any quarter in a decade in the last three months of the year.

The most active gold contract for February delivery went down 1.3 dollars, or 0.1 percent, to close at 1264.20 dollars per ounce.

U.S. Treasury yields hit session highs and the yield curve steepened as U.S. housing starts unexpectedly rose in November. The yield on the 10-year U.S. Treasury note rose more than seven basis points to 2.466 percent, its highest since late October.

As for other precious metals, silver for March delivery dropped 5.2 cents, or 0.32 percent, to settle at 16.153 dollars per ounce. Platinum for January rose 0.9 dollar, or 0.1 percent, to close at 914.1 dollars per ounce. Enditem