MNI BRIEF: Bank Of Italy Downgrades 2024 Inflation Forecast

CANADA MAR JOBLESS RATE 6.1% VS FORECAST 5.9%, PRIOR 5.8%

MNI: Canada Wages Up 5% Even With Highest Jobless Rate In 2Yrs

MNI BRIEF: Monetary, Fiscal Policy Need Harmony - Campos Neto

CORRECTED-MNI: Changing Brazil Fiscal Target Not "Plan A"

MNI BRIEF: PBOC To Curb Any Overshooting Of The Yuan-MPC

MNI: US FEB CONSUMER CREDIT +$14.1B

MNI: BAKER HUGHES US RIG COUNT 620; OIL RIGS 508; GAS RIGS 110

EZ/UK Bond Supply Calendar: EU-Bond Auction, BoE Short APF Mon

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Bullion Stabilises Ahead Of Fed Decision

GOLD

With the resurgence in risk appetite and reversal of flight-to-quality flows, gold prices have struggled. They fell 2% on Tuesday but have stabilised during APAC trading today and are down 0.1% to $1938.80/oz, close to the intraday low of $1937.98 and off the $1946.29 high earlier. The USD index is close to flat.

  • Bullion faced resistance at $2000 and has moved down since reaching a high of $2009.73 on Monday, as markets have calmed following global moves to support the financial system and Treasury yields rose in response. It broke through $1959.70, which opened $1918.30, the March 17 low, as the next support level. Gold remains above key moving averages.
  • The focus is on the Fed announcement later today. Economists expect a 25bp hike and the OIS market has about an 80% chance of 25bp priced in. Hawkish comments from the FOMC would be negative for gold prices. ECB President Lagarde speaks and UK CPI data for February prints.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.