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Choppy Start To Week

GOLD

Gold is 0.4% lower in today’s Asia-Pac session. This comes after both spot gold and silver largely ignored the moderate uptick for the US dollar yesterday. Bullion traded 0.2% higher, extending Friday’s rally.

  • Gold’s underlying bullish trend saw the yellow metal print fresh all-time highs last week.
  • Yesterday US Treasuries largely consolidated their move richer following Chair Powell’s Jackson Hole speech ahead of the weekend. With little on the data docket until Thursday's claims data, the market took a breather.
  • SF Fed Daly sounded a little more cautious over the pace/size of rate cuts while generally echoing Chairman Powell's "the time is now" opinion from Jackson Hole.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
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