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Still Losing Ground

GOLD

Gold saw a brief dip sub $1730 (low was a $1723 handle), but we are now back above this level, last tracking at $1732. This is down slightly from NY closing levels. The broader trend for the precious metal still looks skewed to the downside given ongoing USD strength.

  • Gold's fortunes look tied to broader USD sentiment in the near term. The earlier dip came as EUR/USD almost fell through parity against the USD.
  • Overnight moves in gold also tracked USD swings. The precious metals lost 0.5% yesterday and we are now at lows going back to late September last year. This low had a $1722 handle, which was close to levels we saw earlier today (~$1723). Beyond that is sub $1700 recorded in August last year.
  • Lower back end US yields didn't help gold much overnight, although real 10yr yields are only marginally off recent highs, which is arguably a more important driver.
  • Weaker equities also haven't generated much safe have support during today’s session.
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