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At Support

GOLD

Gold is little changed in the Asia-Pac session, after closing 0.3% lower on Monday. Bullion came under pressure from the sell-off in US tsys and a strong USD.

  • Cash tsys finished 2-7bps cheaper across the major benchmarks, with the curve flatter. Higher bond yields are typically negative for the precious metal, which doesn’t earn interest income.
  • The USD dollar index surged higher and closed above the 103.00 level for the first time since July 6. The index climbed to 103.458, rallying against all of its G10 peers.
  • According to MNI’s technicals team, the yellow metal touched support at $1902.8 (Jul 6 low) before bouncing as Treasuries pared losses and the USD index pulled back off highs.
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