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Moves Off Recent Highs

GOLD

Gold has slipped modestly today, down 0.2% or $4 lower compared to NY closing levels. We remain above $1862 at this stage.

  • Today's pullback is in line with a reduced safe haven bid as equity markets have traded on the front foot throughout Asia Pac, shrugging off a negative lead from US/EU markets overnight.
  • Higher US equity futures are also helping.
  • The USD is mixed, but has gained ground against EUR and JPY, to push the DXY slightly higher. This has also helped gold edge off recent highs.
  • US yields are up modestly, but not too far away from overnight lows. US real yields did dip 5bp overnight (in the 10yr), which supported the post-Asia move through $1860.
  • If we can break above $1870, the market is next likely to target $1885.
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