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Weaker In Asia Trading

GOLD

Gold is edging lower today, down around 0.30% from the NY close, to be back on a $1846 handle.

  • Today's weakness is mainly reflective of the rebound in USD sentiment. The DXY is up around 0.25% on the day.
  • Firmer US yields haven't helped either, with the 10yr almost back above 3.00% (+2bps since the open).
  • Equities have been mixed, opening firmer, but have lost ground as the session progressed. US equity futures are lower.
  • Overnight, gold got close to $1856, as the USD weakened and US yields came off. The World Bank lowered its 2022 global growth forecasts, which also reportedly helped demand.
  • Note support should still be seen just below $1840 and around the low $1830 level.

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