Gold prices are off their highs from yesterday, when a steep drop in Treasury yields fueled a surge in bullion.

When yields on government bonds go down, so does the opportunity cost of owning a shiny metal that pays no coupons or dividends. That's why gold prices often move in the opposite direction to bond yields.

Gold price has slipped about 0.5%, while 30-year Treasury yields gain about 0.06 percentage points.