Coiling In Asia

Spot gold has stuck to a narrow range in Asia-Pac dealing, last printing little changed at ~$1,665/oz, after a firmer dollar and push higher in Tsy yields weighed on gold into Tuesday’s close. That move came in lieu of BoE Governor Bailey confirming the already scheduled withdrawal of the Bank’s temporary Gilt purchases.

• U.S. real yields and the broader DXY continue to operate within their recent ranges, after shunting higher during ’22.
• A lack of macro headline flow has made for subdued Asia-Pac dealing, with bears remaining focused on the cycle low at $1,615.0/oz, with the 3 Oct low ($1,659.7/oz) providing immediate intermediate support.
• U.S. CPI data (due Thursday) provides the key macro risk event this week, with U.S. PPI & the minutes from the latest FOMC meeting (both due Wednesday) also eyed.