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Another Decline Ahead Of Key US CPI Data

GOLD

Gold is little changed in the Asia-Pac session, after closing 0.2% lower at $2020.05 on Monday.

  • Bullion finished off its low of $2012.01 for a quick breach of $2015.0 (Feb 5 low) but stopped short of $2001.9 (Jan 17 low).
  • The yellow metal saw losses despite the USD index on blance moving sideways, with TD Securities noting it is “being weighed down by CTA selling activity”.
  • US Treasuries were little changed after see-sawing in narrow ranges on Monday ahead of the much-awaited CPI report later today. January’s CPI report is forecast to show the first reading below 3% for annual inflation since March 2021, increasing optimism that the Federal Reserve will be able to start loosening monetary policy this year.
  • Lunar New Year Holidays in Asia and European Carnival celebrations lightened trading volumes too.
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