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Bullion Trending Down As War Premium Unwinds

GOLD

Bullion continued Monday’s trend lower during APAC trading today. Minneapolis Fed President Kashkari raised the prospect of further tightening. Also as the Middle East conflict looks contained to Israel/Gaza, gold’s war premium is gradually unwinding. It is down 0.3% to around $1971.40/oz, close to the intraday low, after falling 0.75% yesterday. The USD index is up 0.2%.

  • FOMC member Kashkari said that it is too soon to say that inflation is contained and that more data is needed, thus raising the possibility of further tightening. Any further US rate hikes are likely to weigh on zero yielding gold.
  • Bullion continues to trade well above support at $1957.50, the 20-day EMA. The trend outlook appears bullish.
  • Later the Fed’s Kashkari, Goolsbee, Barr, Schmid, Waller and Logan speak, with their comments likely to impact gold trading. ECB’s de Guindos, Enria and McCaul also appear. On the data front there is only the September US trade balance and German IP.
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