Gold's recent retreat has taken some shine off one of the market's most closely watched safe-haven assets, but Morgan Stanley says the longer-term case for owning the precious metal remains intact.
Gold prices have come under pressure as rising Treasury yields and renewed expectations for Federal Reserve interest rate hikes make non-yielding assets less attractive. The selloff accelerated earlier this week, when gold briefly fell to its lowest level since early August as the benchmark 10-year Treasury yield climbed to levels not seen since 2007. They edged down on Wednesday.
