GLD Slips 0.81% to $378.92 As French Bond Stress Builds, Treasuries Hold Steady

French 10-year yields have climbed to their highest since 2002 as pension and budget protests spread, while Treasuries and US equities stay untouched

Oil held near elevated levels on Monday amid Middle East supply risks. The US 10-year Treasury yield stayed at 5.14% after rising seven basis points. Gold slipped to around $4,130 an ounce.

In France, the 10-year bond yield climbed to its highest level since 2002, rising almost 10 basis points, as pension and budget protests continued. The unrest has added pressure to the euro as well as to French bonds.

The pressure traces back to a standoff over France's budget, which has kept investors on edge for weeks. That stress has repeatedly stayed contained to French bonds, the euro and gold rather than spreading into Treasuries or US equities, and Monday's pattern, Middle East supply risk keeping oil elevated alongside a steady 10-year yield, fits that same pattern rather than breaking it.

Gold's slip to $4,130 stands out because gold has been the one asset consistently picking up haven flows tied to France's budget standoff. A pullback there suggests that channel is cooling even as French yields push toward their highest levels since 2002. Nothing in Monday's moves points to any read-through into US equities.