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Battered By Higher Yields & A Stronger USD

GOLD

Gold is little changed in the Asia-Pac session, after closing 0.7% lower at $2025.11 on Monday.

  • Bullion was under persistent pressure from a mostly appreciating USD index on Monday as US Treasury yields climbed strongly for a second day after Friday's booming payrolls figures.
  • Carryover weakness following Fed Chairman Powell's 60 Minutes interview on Sunday underscored a more cautious view regarding rate cuts.
  • US Treasuries extended weakness after stronger-than-expected ISM Services across all items, especially prices. ISM Services bounced more than expected in January to 53.4 (cons 52.0) after 50.5 in Dec – joint highest since Sept. Prices paid far stronger than expected 64.0 (cons 56.7) after 56.7 – highest since Feb’23 after the strongest monthly increase since mid-2012. It builds on a +7.7pt jump in manufacturing prices paid to the highest since Apr’23.
  • According to MNI’s technicals team, the low of $2015.09 cleared support at $2022.3 (20-day EMA) to open $2001.9 (Jan 17 low).
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