Free Trial
NEW ZEALAND

Markets Closed

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Building On Last Week's Gains

GOLD

Gold is up a further 0.40% today, building on last week's gains of 1.92%, which was the strongest weekly performance for the metal since the start of March.

  • Gold is trading back through $1850, its highest levels since May 12th.
  • Concerns around the global growth backdrop, particularly last week with China growth downgrades and US business survey misses, has no doubt aided the safe haven appeal of the metal.
  • The fact that growth concerns are creeping into US sentiment, which has been a headwind for USD performance, has also likely aided the turnaround. The DXY was down 1.35% last week, its first drop in 7 weeks.
  • USD weakness has continued today (DXY off a further -0.44%).
  • US real yields are unlikely to have been a key driver of gold sentiment, but stability in yields has also likely helped at the margin.
141 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Gold is up a further 0.40% today, building on last week's gains of 1.92%, which was the strongest weekly performance for the metal since the start of March.

  • Gold is trading back through $1850, its highest levels since May 12th.
  • Concerns around the global growth backdrop, particularly last week with China growth downgrades and US business survey misses, has no doubt aided the safe haven appeal of the metal.
  • The fact that growth concerns are creeping into US sentiment, which has been a headwind for USD performance, has also likely aided the turnaround. The DXY was down 1.35% last week, its first drop in 7 weeks.
  • USD weakness has continued today (DXY off a further -0.44%).
  • US real yields are unlikely to have been a key driver of gold sentiment, but stability in yields has also likely helped at the margin.