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Edging Lower Ahead Of US CPI Data

GOLD

Gold has edged lower today. back sub $1846, but we remain above the overnight lows of close to $1840.

  • The precious metal is experiencing mixed cross asset drivers at the moment, but we remain very much within recent ranges ahead of key US CPI data tonight.
  • In many respects, gold outperformed the USD bounce overnight, although safe haven demand emerged as US equity losses mounted.
  • Higher US yields today has likely weighed at the margin as well.
  • US real 10yr yields are now at 0.29%, not too far away from recent cyclical highs (0.34%). A move above 0.30% or higher could see gold test lower, although support is evident around $1840 and again around $1830 from the start of the month.
  • For the week, gold is still lower, consistent with higher USD levels and the rise in yields.
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