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Edges Away From Overnight Highs ​​

GOLD

Gold has edged down slightly during today's Asia session. We are just above $1830, versus late NY highs of +$1840.

  • We are only down 0.20% from NY closing levels, with fairly tight ranges prevailing overall.
  • The USD is slightly firmer against the majors in terms of EUR, JPY and GBP, so Gold's pullback from overnight highs is in line. Contributing to this move was an earlier spike in US yields, although we have moved away from the day's highs.
  • Equity sentiment has been fairly positive throughout the region, which has likely reduced safe haven demand at the margin.
  • The CEO of Newmont, the world's largest gold producer, stated the precious metal's floor price is getting higher ($1500-$1600). This is up from the previous floor around $1200 and owes to surge in global inflation pressures.
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