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Bullion Continues To Rally On USD Weakness

GOLD

Gold prices are up again today to their highest since late April 2022, as the USD has weakened further. Bullion is up 0.3% to $1926.60/oz while the DXY is down 0.3%. Mixed US data and slowing US inflation have increased expectations of a further slowdown in FOMC tightening at its February 1 meeting and put downward pressure on the dollar and thus driven the gold rally.

  • Central bank buying has also supported gold with the People’s Bank of China one of the largest purchasers.
  • Gold prices reached a high during APAC trading of $1929.03 after a low of $1916.85. It broke through two resistance levels on Friday and now the next one is at $1934.40, the 25 April 2022 high.
  • There is little in the calendar later with the US closed for Martin Luther King’s Birthday. The major event for the week is US retail sales for December on Wednesday, which are expected to decline again.
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