November 20, 2023 03:56 GMT
Consolidates Last Week’s Significant Gains
Gold is slightly stronger in the Asia-Pac session, after closing near unchanged at $1980.82 ahead of the weekend.
- Despite a bear-flattening on Friday, bullion has benefited from lower US tsy yields this month following signs of slowing inflation.
- That said, investors will be closely watching today's auction of 20-year notes for an indication of whether the recent trend of lower yields will persist. Lower yields are typically positive for non-interest-bearing bullion.
- Friday's market activity solidified the substantial gains (more than 2%) observed earlier in the week, bringing the yellow metal in proximity to the pivotal threshold at $2009.4 (corresponding to the highs on Nov 7 and Oct 27), as highlighted by MNI's technicals team.